Renting out my house after taking out HTB Loan

tez88

Hi I am just wondering if its possible to rent my house out when I still owe the Help To Buy for the full amount of the loan I took when I bought the house due to my circumstances changing? The main 1 being my salary dropping to aprox half of what it was when I first bought the house.


I have lived there 2 years and 3 months but can barley afford it no more so im hoping to rent it out at some point next year if possible.


I have Martins Blog on it (wont let me post the link) but it doesn't mention anything about salary dropping so was hoping some one could maybe shed some light on it please?

Pixie5740

tez88 wrote: »

Hi I am just wondering if its possible to rent my house out when I still owe the Help To Buy for the full amount of the loan I took when I bought the house due to my circumstances changing? The main 1 being my salary dropping to aprox half of what it was when I first bought the house.


I have lived there 2 years and 3 months but can barley afford it no more so im hoping to rent it out at some point next year if possible.


I have Martins Blog on it (wont let me post the link) but it doesn't mention anything about salary dropping so was hoping some one could maybe shed some light on it please?

Can I sublet my Help to Buy home?
No. Help to Buy is designed to assist you to move on to or up the housing ladder. If you wish to sublet, you will first have to repay the Help to Buy: Equity Loan assistance. In exceptional circumstances sub-letting may be considered. For example, if you’re a serving member of the Armed Forces staff whose tour of duty requires you to serve away from the area in which you live for a fixed period. In these circumstances you would also require approval from your mortgage lender.

Taken from: https://www.helptobuy.gov.uk/equity-loan/faq/

I wouldn't say your circumstances are exceptional so the chances of getting consent to let are slim to none. How long is your income likely to remain at half of what it was? If it's only a short term thing would taking in a lodger help cover your living costs? If not then selling is probably your best option because a) you won't get consent to let, b) you couldn't afford to let the property even if by some miracle you did get consent to let, c) how would you remortgage in the future with such a large reduction in income?

tez88

Yeah ive read that blog.


My salary has been cut for about 2 years, but its been cut more these past 12 months.


From what ive read on the Nationwide site it does not cost to remortgage to rent the house out (that's who I mortgage with) they just add 1% interest on.


Cheers for the reply

Pixie5740

It's not a blog it's the official HTB website. Nationwide won't give you consent to let if HTB won't give you consent to let.

tez88

Yeah I understand that. It also says if circumstances have changed since buying the house then it may be possible. I thought a salary cut could be a good reason so just thought id ask on here to gather some info.

patman99

How about taking in a lodger?. That way you get extra income but without having to move out.

tez88

House isn't big enough for a lodger plus I have my son stay over quite often.


Might look into taking a loan out to pay the HTB off and explaining my plan is to rent it out soon as, maybe that could be an option?

00ec25

tez88 wrote: »

Yeah I understand that. It also says if circumstances have changed since buying the house then it may be possible. I thought a salary cut could be a good reason so just thought id ask on here to gather some info.

Dear Sirs, I have read the rules, but I do not wish to follow them as that does not suit me, please therefore ignore the rules and do what I want you to do, despite what it says.

Answer: Dream on.

Marvel1

Before committing being a landlord, do you know what it entails? Do you know the law? Do you know what rights tenants have?