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Help to buy for only home or first home?
Jimmythepitch
Posts: 1 Newbie
Hi, I bought a property before the 2008 financial crash. The property then plummeted in value, life changed and I could not afford to keep the property. I ended up losing money and have finally, after 6 years got out of the debt trying to keep the property left me with. I now have some savings and would like to use help to buy as whilst technically its my 2nd ever property, in effect its my 1st. Their website suggests first time buyers only but there appears to be no way of contacting them. Any advice/suggestions?
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Comments
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The Help to Buy scheme is for first time buyers and also buyers who are home owners who want to move. You can't use Help to Buy if you intend to have multiple properties.
I believe the availability of the Help To Buy scheme will be reduced to first time buyers sometime in 2021.0 -
what part of Help to Buy are you looking at using? Shared ownership, Equity loan?Jimmythepitch said:would like to use help to buy
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In no effect is this your first property. It's quite clearly a second property and unless you are intending to dispose of it then none of the current Help to Buy schemes are available to you. If you sell the property then you could become eligible for HTB Equity Loan or HTB Shared Ownership.Jimmythepitch said:Hi, I bought a property before the 2008 financial crash. The property then plummeted in value, life changed and I could not afford to keep the property. I ended up losing money and have finally, after 6 years got out of the debt trying to keep the property left me with. I now have some savings and would like to use help to buy as whilst technically its my 2nd ever property, in effect its my 1st. Their website suggests first time buyers only but there appears to be no way of contacting them. Any advice/suggestions?0 -
Sounds very much to me like they've sold the property in question "I could not afford to keep the property"Lover_of_Lycra said:
In no effect is this your first property. It's quite clearly a second property and unless you are intending to dispose of it then none of the current Help to Buy schemes are available to you. If you sell the property then you could become eligible for HTB Equity Loan or HTB Shared Ownership.Jimmythepitch said:Hi, I bought a property before the 2008 financial crash. The property then plummeted in value, life changed and I could not afford to keep the property. I ended up losing money and have finally, after 6 years got out of the debt trying to keep the property left me with. I now have some savings and would like to use help to buy as whilst technically its my 2nd ever property, in effect its my 1st. Their website suggests first time buyers only but there appears to be no way of contacting them. Any advice/suggestions?2 -
You have previously owned a property. You are not an FTB.Jimmythepitch said:Hi, I bought a property before the 2008 financial crash.
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I now have some savings and would like to use help to buy as whilst technically its my 2nd ever property, in effect its my 1st. Their website suggests first time buyers only but there appears to be no way of contacting them. Any advice/suggestions?
I was reading it as the property having been repossessed after they failed to keep up with mortgage repayments. It was in negative equity at the time, hence finally clearing the debt arising.KittyCat70 said:Sounds very much to me like they've sold the property in question "I could not afford to keep the property"0 -
It's still in no way shape or form a first property.KittyCat70 said:
Sounds very much to me like they've sold the property in question "I could not afford to keep the property"Lover_of_Lycra said:
In no effect is this your first property. It's quite clearly a second property and unless you are intending to dispose of it then none of the current Help to Buy schemes are available to you. If you sell the property then you could become eligible for HTB Equity Loan or HTB Shared Ownership.Jimmythepitch said:Hi, I bought a property before the 2008 financial crash. The property then plummeted in value, life changed and I could not afford to keep the property. I ended up losing money and have finally, after 6 years got out of the debt trying to keep the property left me with. I now have some savings and would like to use help to buy as whilst technically its my 2nd ever property, in effect its my 1st. Their website suggests first time buyers only but there appears to be no way of contacting them. Any advice/suggestions?1 -
It doesn’t need to be your first property to use help to buy.0
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