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HTB Equity Loan - any chance I can rent out?
pablakeman
Posts: 291 Forumite
I completed on a property in April 2020 and I have a 20% HTB equity loan.
However, earlier this month I lost my job and am now looking at taking on a job in London potentially. I wouldn't be looking to commute there and would be looking to rent down there, but my budget would become very tight, very quickly if i was paying for a mortage on an unoccupied property and paying London rent (the job wouldnt pay that well - so id be living out of London anyway).
If I am allowed to rent out the property I own, this could make things work.. Do HTB take a common sense approach with the equtiy loan as they do with the ISAs? I am pessimistic but wanted to check here.
For obvious reasons, I want to avoid selling the house - we moved in less than a year ago and it work make life difficult going forward. I will be considering that as an option but don't need advice on that here - thats a tough decision and could be worth it, but first I want to see if I can make the numbers work.
However, earlier this month I lost my job and am now looking at taking on a job in London potentially. I wouldn't be looking to commute there and would be looking to rent down there, but my budget would become very tight, very quickly if i was paying for a mortage on an unoccupied property and paying London rent (the job wouldnt pay that well - so id be living out of London anyway).
If I am allowed to rent out the property I own, this could make things work.. Do HTB take a common sense approach with the equtiy loan as they do with the ISAs? I am pessimistic but wanted to check here.
For obvious reasons, I want to avoid selling the house - we moved in less than a year ago and it work make life difficult going forward. I will be considering that as an option but don't need advice on that here - thats a tough decision and could be worth it, but first I want to see if I can make the numbers work.
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Short answer noDIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/210 -
Ask Target? I'd expect the answer to be no, but this forum isn't going to be able to answer. You'd also need to get your lender on board.0
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thanks both!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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