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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
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Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My son took out a government help to buy mortgage and has

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My son took out a government help to buy mortgage and has since bought a house in Swindon last year. However, his German born wife hasn't settled down in England as she misses her family too much and has now returned to Germany with their 2 year old daughter. My son wants to keep the house as he is a first time buyer and wouldn't get the opportunity again to buy in England but also wants to be with his wife in Germany where they could rent a property. Can he use a tenant to fund his mortgage in this circumstance, or is there any way around his problem without selling his home.
Submitted: 4 months ago.
Category: Law
Expert:  Aston Lawyer replied 4 months ago.

Hi,

Thanks for your enquiry.

I am afraid that renting out the property would be in breach of the Help to Buy Charge and your Son's main Mortgage.

Therefore, the only thing your Son could do to retain the property would be to apply to his main Mortgage provider to convert the existing Mortgage into a Buy to Let Mortgage and pay off the Help to Buy Charge. I appreciate he may not have the funds to do this, and if so, he could try and re-mortgage for a higher mount to cover the existing Mortgage and the Help to Buy amount. However, as he only purchased last year, I doubt that the property has increased enough in value to do this, as you normally need a 20% Deposit for a Buy to Let Mortgage.

He could of course just go ahead and rent out the property and leave matters as they are, but I can't really suggest this, as he would be breaching the terms of the Mortgage and the Help to Buy Charge.

Sorry this is not the answer you were looking for, but it sets out the legal position.

Expert:  Aston Lawyer replied 4 months ago.

Kind Regards

Al

Expert:  Aston Lawyer replied 4 months ago.

Hi, can I assist any further? If not, I would be grateful if you could rate my answer. Thanks Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10227
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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