SMF - Just Installed!

Intending to pay back Government Scheme faster

Started by BT2000, November 07, 2013, 06:04:45 PM

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BT2000

HI,

I bought the flat I am currently living in a few years ago using the government's First Buy Scheme in which they gave me loan payable over 25 years. I would like to continue living in this flat and paying off the loan with the aim of ultimately keeping the flat and not selling it (for the foreseeable future anyway.)
Over the years, due to work career progression etc I have been able to put together a deposit to buy a property which I intend to let. I have however found out that under the scheme I am not allowed to buy another property until I have fully paid back the loan. I would like to pay back the loan as soon as possible so that such funds can be used to help other people get on the property ladder. My plan is to use the income from the new BLT property as well as the capital appreciation on my current flat and the BTL to pay off the loan faster.
I have thought of perhaps setting up a company and buying the BLT under the company but not sure whether this is possible and how this would work from a mortgage point of view.

Would appreciate some advice on this.

BT2000