Help to Buy Scheme (Equity Loan)

Engeey · Post by **Engeey** » Sun Nov 12, 2017 9:52 am

Hi,

I am currently on Tier2 visa, applied for a Help to Buy (Equity loan) scheme and got approval. I would like to find out if anyone on Tier2 has used this scheme to get a property and whether it did not affect the ILR subsequent application.
Most of my friends applied for the scheme when they had already gotten their Indefinite Leave.

Many thanks for your speedy response

Engeey

CR001 · Post by **CR001** » Sun Nov 12, 2017 2:41 pm

Help to buy is not public funds.

Engeey · Post by **Engeey** » Sun Nov 12, 2017 9:05 pm

Thanks CR001 for your response.
However, I wanted to know if anyone has financed his/her property through this scheme and had no issues with renewing their Tier2 Work visa.

Casa · Post by **Casa** » Sun Nov 12, 2017 9:25 pm

You are unlikely to be approved for an Equity Loan without settled status (ILR) as the loan fees on the 20% loan won't be recovered until after the first five years of owning your home. There would be a risk of the loan fees on the 20% not being paid if you are no longer resident in the UK.

This is probably why your friends with ILR have been successful and is not related to Public funds.

Hola2015 · Post by **Hola2015** » Mon Nov 13, 2017 3:17 pm

Casa wrote: ↑
Sun Nov 12, 2017 9:25 pm
You are unlikely to be approved for an Equity Loan without settled status (ILR) as the loan fees on the 20% loan won't be recovered until after the first five years of owning your home. There would be a risk of the loan fees on the 20% not being paid if you are no longer resident in the UK.

This is probably why your friends with ILR have been successful and is not related to Public funds.

Two of my friends did use the help to buy scheme to purchase their first properties while still on Tier 1 and Tier2 general visa. The friend that used the help to buy scheme did so in 2013/2014 while he was on his last extension prior to applying for ILR. The second friend is currently awaiting completion having exchaged contract using the same help to buy scheme even though he is currently on his second Tier 2 extension after which he will apply for ILR. So, I think it is possible to use the help to buy scheme even before you get ILR. But the decision such as this should not be taking lightly without seeking finanacial advise from approved mortgage/financial adviser

Engeey · Post by **Engeey** » Mon Nov 13, 2017 3:34 pm

Dear Hola,

Many thanks for your response, I appreciate!

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Help to Buy Scheme (Equity Loan)

Help to Buy Scheme (Equity Loan)

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