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New Government Home Buying Schemes

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  • New Government Home Buying Schemes

    Hi All,

    My issue is I would like to buy a house, but have a houseshare with my current housemates. However, the scehems do not allow sub-letting. That means if I want to buy my own house under these schemes I have to live on my own or with a friend if they buy it with me. I would not be able to live with my current housemates.

    These can be found here:

    https://www.gov.uk/affordable-home-o...hemes/overview

    There are currently 4 schemes, Help to Buy equity loans and NewBuy provide a 20% deposit if you provide 5%, however they state you cannot sub-let.

    The Shared Ownership schemes does not offer the 20% deposit.

    However... there is another scheme coming January 2014 on the above link: "Help to Buy mortgage guarantees" and this does not state anything about not being able to sub-let. It does state "However, you won’t be able to get a Help to Buy mortgage guarantee if you’re planning on renting out the property"; but the others make a point of stating sub-letting, which this one does not have.

    I do not want to 'rent out the property', I want to live there and sub-let the property.

    Do you think the scheme coming in Jan 2014 will allow this option or do you think unlikely?
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