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My short term tenants want to buy the house I inherited from my late Father.

I inherited my Father’s house last November & already own my own home with no mortgage.. ( I'm Retired ) I decided to rent my father’s house and easily found a nice local family wanting to rent close to their place of work Leicester. They have been renting now for almost 18 months on a simple 6 monthly renewable contract and would like to buy this house from me using the "Help to Buy Scheme" They are "First Time Buyers" and as they are getting married next year are struggling to save the deposit required for a normal mortgage without some help.. The house is around 65 years old and approx valuation £105k - 110k.. If you can help me understand whether they & this property would be elible for the "Help to Buy" scheme it would be appreciated.. Kind regards, Mike Garlick

Asked on Nov 2 2013, General in Leicester | Report content

Answers (1)

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  • Hi Mike, Under the new Help to Buy scheme, known as mortgage guarantee (as opposed to the original equity scheme launched in April), your potential buyers would be able to buy. The rules say that they would have to be able to provide a five per cent deposit on a property that costs up to a maximum of £600,000. This would mean that as long as they were able to put up a down payment of between £5,250 and £6,500 based on the valuation you placed on your property. The only thing from there would be finding a mortgage provider who deals with the Help to Buy scheme - and there are more and more coming on board with this all the time - before proving their general ability to get a mortgage through having a large enough income and the ability to afford the repayments on the purchase (as they would with any mortgage). Many thanks, Scott

    Answered on Nov 14 2013, Report content

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