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Mortgage advisers please help! Keeping a help to buy property but buying an additional

3 replies

Megang4 · 03/02/2023 17:55

Hi all,

im in a little bit of a dilemma here!
I bought a help to buy property when I was single, I’ve now got married and have 2 kids but we have outgrown the property.

we would like to buy another property as husband and wife but I want to keep the current property and let it out. I feel really attached to this property as it’s my own little achievement.

can someone advise on the most efficient way to buy another property without paying extortionate amounts?
im aware I need to pay the help to buy back which my mortgage provider have said I can do buy doing additional lending and then getting the consent to let.

Do I have any other options? Thank you

OP posts:
DrMarciaFieldstone · 03/02/2023 18:02

I don’t think you can rent out help to buy homes. I’m pretty sure you have to repay the equity loan when you purchase another property.

DrMarciaFieldstone · 03/02/2023 18:04

Sorry posted too soon - BIL looked into this and was told the same as you have been above; they would have needed to pay back the loan and remortgage the full amount under a BTL mortgage.

This was a year ago - could be different now

Megang4 · 03/02/2023 18:54

@DrMarciaFieldstone ok thanks for your help!

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