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Help to buy

jenniferlouise31
jenniferlouise31 Posts: 1 Newbie
in House buying, renting & selling
Hi im looking for some advice please, I have a house that i have had no financial link too for 10 years but i am named on the mortgage with an ex so legally i own a home.. 

I am looking to buy a new property and i would like to use help to buy scheme, the house i am listed on the mortgage is for sale but i do not rely on this sale for any deposit ect. 

As this house is for sale will i be eligible for help to buy or will it have to sell first or since its on the market to be sold will that suffice?

Comments

  • Hannimal
    Hannimal Posts: 968
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    You answer your question here:

    legally i own a home

  • kangoora
    kangoora Posts: 1,193
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    edited 19 August 2020 at 6:10PM
    HTB is only for those who have NEVER owned a home or share in one (basically). As you have part-owned a previous property you are not entitled to any HTB schemes that I am aware of.

    Edit: Not 100% correct above - See Grumiofoundation post a few posts elow this re HTB Equity loans
  • GraceD_17
    GraceD_17 Posts: 36
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    edited 19 August 2020 at 2:35PM
    I currently have HTB and as the above poster stated, i'm sure it's for first time 'no chain' buyers that have never owned a home.

    If you haven't already got a HTB you're also out of luck as they scrapped it around a year ago now, unless you did what most did and put £1 in it to secure the account! :D
  • HanPop
    HanPop Posts: 185
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    We’ve just used help to buy to purchase our second property so it is not available for just first time buyers. However the house that you are named on would have to be sold before you could complete on a new property. Also this HTB scheme is going to end soon and from next April it will only be available for first time buyers.
  • grumiofoundation
    grumiofoundation Posts: 3,051
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    kangoora said:
    HTB is only for those who have NEVER owned a home or share in one (basically). As you have part-owned a previous property you are not entitled to any HTB schemes that I am aware of.
    This is not correct. 
    Help to buy ISA (and lifetime ISA) can only be used for house purchase by first time buyers.

    Currently help to buy equity loan can be used by non-FTB buyers.

    It cannot be used to buy an additional property - so OP would have to dispose of current property owned. 
  • Rony
    Rony Posts: 160
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    grumiofoundation said:
    kangoora said:
    HTB is only for those who have NEVER owned a home or share in one (basically). As you have part-owned a previous property you are not entitled to any HTB schemes that I am aware of.
    This is not correct. 
    Help to buy ISA (and lifetime ISA) can only be used for house purchase by first time buyers.

    Currently help to buy equity loan can be used by non-FTB buyers.

    It cannot be used to buy an additional property - so OP would have to dispose of current property owned. 
    Yes correct. If I recall correctly the current HTB Equity Loan scheme is ending in Mar/Apr 2021 and with the new HTB scheme, you have to be a first time buyer.

    So OP you will need to have sold by the time you purchase your next house and also you will need to, I believe, complete before April 2021.
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