We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Second property mortgage with help-to-buy

Gg1295
Posts: 10 Forumite

Hi all,
Firstly, thank you for taking the time to read this. Appreciate the below is a bit of a brain spill!
I am currently awaiting a meeting with a broker, however, before getting carried away I thought it'd be best to discuss here to see if my plan is viable.
My partner and I are looking at getting our first place together, and given the recent SDT levy, it seemed like a good time to start looking.
I already own a residential mortgage under my name and am locked into a 5yr fixed mortgage with a help to buy equity loan of 20%.
Having just come into some money, my thinking is that I could transfer my current mortgage to a buy-to-let product and benefit from rental income, whilst waitOMG for the flat to appreciate (new build) before I sell it.
The complications I have ran into are the following:
1. under the conditions of the HTB government equity loan, I am unable to 'sub-let' my flat and would have to repay the loan back before I can switch to a buy-to-let.
2. I am still 2 years into my fixed year term on my current mortgage (potential ERC's)
RE point number 1, my question is...
- Can I work with a broker to switch my product to a buy-to-let, and in the process release equity to pay of my help-to-buy loan? (+ potentially bolster our deposit for the mortgage)
- would I be able to apply for a residential mortgage with my partner without them (the lender) considering my current residential mortgage loan?
RE point number 2, my question is...
- I have been advised by Accord Mortgages that if I stay with the same lender that I would not incur an early repayment charge as I would be staying with the same lender. However, this was based on a general mortgage assumption... would the help-to-buy conditions complicate this at all?
Firstly, thank you for taking the time to read this. Appreciate the below is a bit of a brain spill!
I am currently awaiting a meeting with a broker, however, before getting carried away I thought it'd be best to discuss here to see if my plan is viable.
My partner and I are looking at getting our first place together, and given the recent SDT levy, it seemed like a good time to start looking.
I already own a residential mortgage under my name and am locked into a 5yr fixed mortgage with a help to buy equity loan of 20%.
Having just come into some money, my thinking is that I could transfer my current mortgage to a buy-to-let product and benefit from rental income, whilst waitOMG for the flat to appreciate (new build) before I sell it.
The complications I have ran into are the following:
1. under the conditions of the HTB government equity loan, I am unable to 'sub-let' my flat and would have to repay the loan back before I can switch to a buy-to-let.
2. I am still 2 years into my fixed year term on my current mortgage (potential ERC's)
RE point number 1, my question is...
- Can I work with a broker to switch my product to a buy-to-let, and in the process release equity to pay of my help-to-buy loan? (+ potentially bolster our deposit for the mortgage)
- would I be able to apply for a residential mortgage with my partner without them (the lender) considering my current residential mortgage loan?
RE point number 2, my question is...
- I have been advised by Accord Mortgages that if I stay with the same lender that I would not incur an early repayment charge as I would be staying with the same lender. However, this was based on a general mortgage assumption... would the help-to-buy conditions complicate this at all?
Many thanks!!! appreciate any advice at all.
Greg
Greg
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards