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Buy to let property while on shared ownership


ajack

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Hello,

Im currently on shared ownership and own 25% share of my property. Ive saved up some money and im keen to start my buy to let journey. My question is, am i allowed to own a buy to let property while im still on shared ownership? Do i have to ask the housing association permission for this?

Many thanks

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  • 3 months later...

Hi, I was just looking into this subject, as far as I can tell so far if you own the property as a business then it is your 'job', however if you own another house in your name then you are in breach because shared ownership is there to help those in need of housing. Have a look through your terms and conditions because so far as I can tell it is more of a problem if you own a property before you apply for a shared ownership mortgage. But please don't take my word for it as I really haven't found that much out about it so far. I was originally looking to see if it was a good idea to get a shared ownership property first while I'm saving and then release equity for my first buy to let, which incidentally does seem possible, there are lenders that will allow you to remortgage the property, however this is with the view to buy more of a share, I don't know if you can then release that equity and use it to invest. 

Personally I would look through the T&Cs first, then ring up anonymously armed with that knowledge and see what you can find out, make sure you are not invalidating your tenancy before you go ahead or tell them anything linking it to your property. There is also a housing help service near me who might be able to point you in the right direction, they are called transform and are an independent housing advisor, I'm in the south east but there could be something like that wherever you are too.

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Thanks for you response. Apologies i didnt update the post. I rang them up and they confirmed it was fine for me to go ahead as it doesnt breach my agreement. The purchase has now gone through

For anyone else in the same boat, this was through notting hill genesis. However always best to check your ts & cs and ring anonymously to verify.  

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