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bigduckontax
bigduckontax, Accountant
Category: Tax
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I own 50% of a property in Cyprus which has been on the market

Customer Question

I own 50% of a property in Cyprus which has been on the market for 3 years but not sold. I am renting in the UK. does this preclude me from the help to buy scheme 20% equity loan?
thank you
Cheryl
Submitted: 4 years ago.
Category: Tax
Expert:  bigduckontax replied 4 years ago.
Hello, I'm Keith and happy to help you with your question.

This is the government's information on entitlements to the scheme:

'Eligibility

To be eligible for NewBuy, your new home must be:

A new build – being sold for the first time or for the first time in its current form (eg a new flat that used to be part of a house)
priced £500,000 or less

Your main home (you can’t use NewBuy to buy a second home or a buy-to-let property)

Owned fully by you (you can’t use NewBuy for shared ownership or shared equity purchases)

Built by a builder taking part in the scheme

To be eligibile you must be either:

A UK citizen

Someone with the right to remain indefinitely in the UK.'

You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use NewBuy with any other publicly funded mortgage scheme.

So there you are. From what you are inferring you are going to occupy your new UK home as your main residence, so providing you are eligible (see above), I cannot see how you can be precluded from using the scheme.

Hope that helps.