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Gap year Help To Buy
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riaedmonston
Posts: 1 Newbie
Hi there,
I need some advice on buying my first house im my home country of the UK, ideally using the Help To Buy Equity Loan.
Myself and my partner are UK citizens, currently living in Canada (on a 2year gap-year-style visa). We are both working full time in Canada in the same industies we began in the UK. Our current plan is to build up our savings here, and, upon return to the UK (aprox April 2021), we buy our first house. My partner is getting transferred by his employer from the Canada branch to the London branch (-although he will be working from home so we dont plan to live in London). I, however, will not be getting transferred, so instead, I will be job hunting when I get back to the UK. I am also due to return to university in September 2021. I already have my placement and student loan organized for this.
By the time we are back in the uk we will have enough money for a 10-15% deposit and legal fees. But due to my lack of employment transfer and plans for university, I dont believe I will be able to be named on any mortgage. This leaves my partner's income and employment transfer the sole criteria to access a mortgage. Because of this we have been looking at the Help To Buy equity loan - we will definitely be able to afford the deposit, fees, and meet all their affordability criteria. My question is, how likely is it we will be allowed to access the Help To Buy Equity Loan after living abroad for 18months? And on the same note, will they accept income information from abroad for their 'previous history' criteria?
Any information or suggestions you can give me is greatly appreciated. I love the money expert website and forums, theyre super helpful! Thanks in advance!
I need some advice on buying my first house im my home country of the UK, ideally using the Help To Buy Equity Loan.
Myself and my partner are UK citizens, currently living in Canada (on a 2year gap-year-style visa). We are both working full time in Canada in the same industies we began in the UK. Our current plan is to build up our savings here, and, upon return to the UK (aprox April 2021), we buy our first house. My partner is getting transferred by his employer from the Canada branch to the London branch (-although he will be working from home so we dont plan to live in London). I, however, will not be getting transferred, so instead, I will be job hunting when I get back to the UK. I am also due to return to university in September 2021. I already have my placement and student loan organized for this.
By the time we are back in the uk we will have enough money for a 10-15% deposit and legal fees. But due to my lack of employment transfer and plans for university, I dont believe I will be able to be named on any mortgage. This leaves my partner's income and employment transfer the sole criteria to access a mortgage. Because of this we have been looking at the Help To Buy equity loan - we will definitely be able to afford the deposit, fees, and meet all their affordability criteria. My question is, how likely is it we will be allowed to access the Help To Buy Equity Loan after living abroad for 18months? And on the same note, will they accept income information from abroad for their 'previous history' criteria?
Any information or suggestions you can give me is greatly appreciated. I love the money expert website and forums, theyre super helpful! Thanks in advance!
0
Comments
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I think your biggest stumbling block may be the missing 2 years of UK work and income history in getting a mortgage0
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