First time buyer - buying with intent to Holiday Let.

Harrier3

Apologies if this is incorrect format for this forum, however.

I'm looking at getting a mortgage and wish to make use of the government's H2B scheme. I intend to let the property out for 20 weeks of the year as a holiday let.

Is there anything stopping me, as a first time buyer, using the H2B scheme and doing this?

TIA
Harrier3

sharp910sh

This is not allowed.

You are not allowed to sublet your home without our consent. Like your repayment mortgage, you must have building insurance for your home, keep it in a good state of repair and comply with other conditions.

and

You’re unable to rent out your entire house to another person/tenant when you buy a home with Help to Buy. You can rent out rooms to lodgers, but you must continue to live in your Help to Buy home.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/948067/Homebuyers-guide-to-Help-to-Buy-Equity-Loan-2021-2023.pdf

AAGG1234

sharp910sh said:

This is not allowed.

You are not allowed to sublet your home without our consent. Like your repayment mortgage, you must have building insurance for your home, keep it in a good state of repair and comply with other conditions.

and

You’re unable to rent out your entire house to another person/tenant when you buy a home with Help to Buy. You can rent out rooms to lodgers, but you must continue to live in your Help to Buy home.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/948067/Homebuyers-guide-to-Help-to-Buy-Equity-Loan-2021-2023.pdf

Agreed. Not allowed and puts you at high risk if found out at anytime. Whilst some do normal first time buy and let out months later, whilst wrong as well, what your planning is much more riskier as you using a specific help to buy scheme rather than standard mortgage product. 

Harrier3

Roger, thanks for the reading material and speedy replies.