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Buy to let second property on with first house on help to buy?
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C-mitchell
Posts: 5 Forumite
Hi,
I hope you can help!
My girlfriend and I have just purchased a new flat in Greenwich using the help to buy scheme.
I am considering the best way for us to pay back our help to buy equity loan. I wondered whether it was possible or legal to get a buy to let mortgage on another property or properties (if it became possible for us to do so) in order to help us pay back the equity loan?
hope that makes sense. Thank you in advance!
I hope you can help!
My girlfriend and I have just purchased a new flat in Greenwich using the help to buy scheme.
I am considering the best way for us to pay back our help to buy equity loan. I wondered whether it was possible or legal to get a buy to let mortgage on another property or properties (if it became possible for us to do so) in order to help us pay back the equity loan?
hope that makes sense. Thank you in advance!
0
Comments
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Do you have other properties with sufficient equity to do this?0
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One of the FAQ's on the Help to Buy website covers this.
https://www.helptobuy.gov.uk/equity-loan/faq/#860d20ea-e1f7-648f-8ce9-ff0000ad17aa0 -
In order to get a BTL property you normally need a 20 or even 25 percent deposit.
In London this mean a big deposit.
If you had that sort of money I guess you would have bought your flat with a normal mortgage and not help to buy.0 -
Thank you all for your time and responses. I was just curious to know if it were possible and could definitely not afford to buy where we live without the Equity loan but in the future it is something I!!!8217;d like to pursue outside London. I wondered whether it would be worth looking into and if I could do that to help pay it off. Seems not but thank you for your time!0
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