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Rules on first time buyer homes?


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I was driving past those rather nice first time buyer homes on Pulrose Golf course today (opposite Anagh Coar) and I notice that at least 3 of them have 'for let' signs stuck in the garden. Can any one tell me what rules apply that allow you to get a nice cheap FTB house on a really funky estate and then almost immediately lets you put it out to rent? It looks rather odd as I believe getting on the FTB list is really hard and getting into the good/desirable ones is even harder. How can you be a FTB and also let the house out?

Edited by oldmanxfella
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I was driving past those rather nice first time buyer homes on Pulrose Golf course today (opposite Anagh Coar) and I notice that at least 3 of them have 'for let' signs stuck in the garden. Can any one tell me what rules apply that allow you to get a nice cheap FTB house on a really funky estate and then almost immediately lets you put it out to rent? It looks rather odd as I believe getting on the FTB list is really hard and getting into the good/desirable ones is even harder. How can you be a FTB and also let the house out?

Are they actually FTB houses, I only ask because I know someone who owns one but is not a first time buyer?

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I was driving past those rather nice first time buyer homes on Pulrose Golf course today (opposite Anagh Coar) and I notice that at least 3 of them have 'for let' signs stuck in the garden. Can any one tell me what rules apply that allow you to get a nice cheap FTB house on a really funky estate and then almost immediately lets you put it out to rent? It looks rather odd as I believe getting on the FTB list is really hard and getting into the good/desirable ones is even harder. How can you be a FTB and also let the house out?

Are they actually FTB houses, I only ask because I know someone who owns one but is not a first time buyer?

Maybe only some are, but I know a few FTBs up there who got in on the scheme. It seems very odd to see them up for rent so soon so I was just wondering what the rules were (if any).

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I thought you had to stay in it for 10 years?

 

edit - looking on here there doesn't seem to be any obvious restriction. If you want to sell within the 1st 5 years you have to sell it back to the government I think, at least that's my reading of this

Edited by alibaba
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There are plenty of rules... Not least you would be committing mortgage fraud if you were letting out a property on a FTB mortgage. Think a percentage will be FTB, helps to ease things through planning

 

Like they ever check.

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Never mind buying and leasing out first time buyers houses.

 

I'm the official tenant of 55 council houses under various identities and I'm renting them all out for £900 each. So far I've got new kitchens, roofs, gas central heating and double glazing sorted and all for free. Hell, the corpy even come and fix your shitter for free when it breaks.

Edited by Terminal
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Hell, the corpy even come and fix your shitter for free when it breaks.

Who from the corpy comes round to fix your shitter? Dirty buggers. Are they on the council? I have my suspicions. Jousters! That's not the sort of behaviour a Manx fella would do. Come round and fix your shitter. The world has gone mad.

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There are plenty of rules... Not least you would be committing mortgage fraud if you were letting out a property on a FTB mortgage. Think a percentage will be FTB, helps to ease things through planning

 

Only if it was your intention to let it out from the outset. You just claim circumstances change, and you forgot to inform the bank. Breach of contract, that's all, not fraud

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It says here 36 FTB homes were built there, unless that changed over time: http://www.gov.im/media/270364/first_time_buyer_newsletter_-_january_2013.pdf

 

Just because a house is described as being for FTBs does not mean that all purchasers will be taking up the governments grants etc or even be eligible for them. They might just do it the old way and save up a deposit and earn enough to get a mortgage.

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