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  • Mortgages & Finance

    Help to Buy when owning BTL property?

    My wife and I own a £200K apartment on a regulated BTL as her mum could not afford somewhere to live etc and we brought a place. 

    We ourselves are in rented, saving for a family home big enough for us and the kids. 

    Even though we own a home but it is not our main residence + we don’t have enough equity to release for a deposit, do we still qualify for some form of Help to Buy?

    Hoping we could take advantage of the ISA over the next 2 years and save maybe £400 per month in that and then maybe a equity deposit from the scheme on a £300K house 

    We are in the Midlands so not higher London values apply. 

    Household income is good at about £90K, but we are poor with finances and as I earn the majority no family allowance etc - so we are well paid but not cash wealthy. 

    By the way we also pay £400 a month on the BTL mortgage as well as our own £1K rent hence wanting to get out of rent ASAP and at least pay it down on a property we will mostly own. 

    Thanks
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    Hi back in black,


    As a quick reply, I think the first line of the government website answers most of this for me already:


    https://www.helptobuy.gov.uk/help-to-buy...s-it-work/

    "If you are saving to buy your first home"  

    Also in the eligibilty for this it states you must:

    "be a first time buyer, and not own a property anywhere in the world"


    I understand your standing of it not actually being your home but the government schemes are usually quite black and white with how it is utilised. As technically you have already bought a home for your wife's mum, you have already bought your first home/property. 

    I would however like to see if I can help you, would you send me an email and we can have a chat?  I never see an avenue as a dead end, there is always a way Smile  austyn@ptfs.com

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    Financial Consultant working with Property Tribes Financial Services.

    BTL Specialists.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@ptfs.co.uk     07500 871209