Help to Buy ISA If You Plan To Rent Out The Property


7 years ago by admin and 2793 Views

The government clearly stated that it would not claim the bonuses given through Help to Buy ISA. Only if the owner’s personal or professional circumstances change. Also have to change the arrangement for their property. However, the owner must follow the Help to Buy ISA rules of declaring the intention of living in the property as their only residence. Not to rent out the property. If your sole purpose, is to rent out the property, the Government intends to seek the return of the funds. In terms of changes in personal circumstances, there are many things to consider. Things such as moving abroad or moving in with another person. In the case of renting out the property or a room, it is possible for you to use it with rent-a-room scheme. Also if you bought it through the Help to Buy Mortgage loan. While you can rent out the property, you would have to switch your mortgage to a buy-to-let mortgage. This is done since you cannot use a residential lease for a buy-to-let property. If you decide to rent out the property at some point, you have to get the permission of your mortgage lender or use a buy-to-let mortgage instead.