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Will I qualify for Government help to buy scheme?

I’m also interested in the government help to buy scheme. I’m on the property ladder with mortgage already paid up. It is a large 3 bedroom property, built in 1960 and it is much too big for me now, as family has left home and I live by myself. I’m 67 years of age, retired; also have this medical condition where I have to have heating on most times in order to keep warm (80F) and this property is not suitable for me now. I won’t need a mortgage as I would sell my property, so the money from the sale would pay for new smaller property right out. Will I still qualify for Government help to buy scheme to move into new home?

Asked on Aug 23 2014, New Homes in Stevenage | Report content

Answers (3)

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  • Help to buy is a mortgage guarantee scheme, so no you won't

    Web reference: http://www.gov.uk/affordable-home-ownership-schemes/overview

    Answered on Aug 23 2014, Report content
  • Well I guess I can put down a deposit on a new build property and move in; then pay the rest in full or instalments when I sell my present property! That will be like providing my own mortgage; won't it?

    Answered on Aug 24 2014, Report content
  • If you are buying a property then you won't be able to move in until it is paid for in full, either by having mortgage finance or selling your own property. You might be able to mortgage your present property and thereby put yourself in a 'cash buyer' position when purchasing. But beware of the capital gains tax implications if you own two properties and take too long to sell one.

    Web reference: http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm

    Answered on Aug 24 2014, Report content

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