Target help to buy loan query

[Lilly239]

If through a divorce has only a husband name on the family home mortgage and I wanted to take it over but it also has a help to buy target hca loan (first time buyers scheme loan) i am not on that loan does anyone know in this circumstance during divorce can that be transferred over to me this government loan? Anyone got any experience or knowledge / advice surrounding it?

You can’t ‘take anything on’. You would need to apply for your own mortgage to cover the cost of everything and allow your husband to repay his loan and mortgage.

A help to buy loan can't be transferred. Your husband also can't move out without the help to buy loan being paid off. You would have to purchase from him as if you were a new buyer and apply for your own help to buy loan, he could then pay his off upon the sale of the house and leave.

Yes so I would apply for my own mortgage for the family home but there is a target help buy linked to mortgage and there won’t be enough money left over to pay that , my question should of been more like would I need to take out my own help to buy or can I take over the help to buy loan in my husbands name to be put into my sole name...I’ll have to make some enquiries was just curious if anyone had come across this x

@Imafraidimnotmyself ahhhh ok

You can’t take over the help to buy loan. You also can’t take out a new help to buy for the property you already have as it’s only for first time buyers’ purchase of new build homes.

If you want to stay in the same property you could look at the govt mortgage guarantee scheme where they guarantee 20% of a 95% mortgage - you can buy a “second hand” property using that if you qualify.