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I've never owned property in any way before, though work is going well enough and I'm saving enough money that I'm now considering buying a place.

I've read up about all these help to buy loans and the government aid to help first time buyers and it all sounds rather good.

The catch though...is that I don't have a normal 9-5 in the same place job. Rather my job involves a lot of travel.

A logical result of this would be to rent out my place for the months I'm not there. Though apparently you have to live in this place if you buy it. Which makes sense though its unclear quite how long you have to live there before it becomes 'normally' your place.

Also a problem with renting out my entire apartment is it would mean moving in and out several times a year. Which would be a big pain. So a better thing to do for me seems to be to get a flatmate- I have my bedroom where most of my stuff lives when I'm working away, they have their bedroom, we share the living room, bathroom and kitchen.

This would be my official apartment. I'd be back there every month or two for at least a few days, more normally longer, and living there quite normally for months at a time in other periods of the year. I would easily more than meet the minimum for being an official UK resident if my travels take me overseas.

My question is....are there any legalities about renting out part of a property bought with various first time buyer help?

  • What do you do today? Are you renting one apartment with a long term lease or do you move multiple times per year? – TTT Sep 14 '17 at 15:50
  • I'm living with my parents when I'm home then renting short leases, airbnb, etc... when I'm away. I'm not home quite enough that I felt it worthwhile to rent a place here. Though going forward my job should be a bit more location independent from next year with less demands to be actually physically in any particular office as much. Overall I don't really have my own permanent base anywhere which is something I'd like to change . – the other one Sep 14 '17 at 19:51
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Your mortgage will not allow you to rent out the whole property - they would want you on a buy-to-let mortgage (which will have worse APR than a standard) - buy to let mortgage also invalidates help to buy schemes.

The help to buy scheme does not allow you to sublet. I.e. you cannot have tenants. However, you can have a lodger. My understanding is that they are different. In the UK, you can make up to £7500 tax free from a lodger under the "rent a room relief" and as this isn't a tenant - this should be ok with both help to buy and the mortgage provider. However I would recommend double checking with your mortgage provider - as if you break any terms and conditions, it could lead to invalidating your mortgage.

Another thing to consider with lodgers (or tenants) - it generally makes insurance a LOT more expensive and wont cover you if the lodger steals your stuff or damages the property and this will include lodgers friends if they visit - so just something to bear in mind.

  • theroetically speaking - if I manage to buy a house outright or pay off the mortgage quickly, from that point it becomes OK to even rent it out outright if I used a help to buy isa? Thanks for the pointer on the lodger/tenant legal distinction. – the other one Sep 15 '17 at 14:53
  • If you use a help to buy ISA, once house is bought you can do what you want (presuming no mortgage). With the government loan system, I believe until loan is cleared you have to follow their rules. – Tim Sep 15 '17 at 16:08

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