oldmanxfella 3,184 Posted October 13, 2014 Share Posted October 13, 2014 (edited) 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 October 13, 2014 by oldmanxfella Quote Link to post Share on other sites
Matt Bawden 622 Posted October 13, 2014 Share Posted October 13, 2014 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? Quote Link to post Share on other sites
oldmanxfella 3,184 Posted October 13, 2014 Author Share Posted October 13, 2014 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). Quote Link to post Share on other sites
thebees 2,811 Posted October 13, 2014 Share Posted October 13, 2014 Mixed batch I'd guess. There are no rules for FTB, apparently. Quote Link to post Share on other sites
oldmanxfella 3,184 Posted October 13, 2014 Author Share Posted October 13, 2014 Mixed batch I'd guess. There are no rules for FTB, apparently. Thanks. Nice if the tax payer can subsidise you and then you can knock it out at full market value a month. I must sign up myself. It sounds a good investment we are funding. Quote Link to post Share on other sites
alibaba 1,183 Posted October 13, 2014 Share Posted October 13, 2014 (edited) 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 October 13, 2014 by alibaba 1 Quote Link to post Share on other sites
theambo 83 Posted October 13, 2014 Share Posted October 13, 2014 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 Quote Link to post Share on other sites
dilligaf 9,378 Posted October 13, 2014 Share Posted October 13, 2014 I thought you had to stay in it for 10 years? I think you have to KEEP it for either 5 or 10 years before selling,but not convinced that the rule is adhered to !!!! Quote Link to post Share on other sites
slinkydevil 4,692 Posted October 13, 2014 Share Posted October 13, 2014 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 Quote Link to post Share on other sites
oldmanxfella 3,184 Posted October 13, 2014 Author Share Posted October 13, 2014 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 It must be the other 3 that are up for rent then! 1 Quote Link to post Share on other sites
thebees 2,811 Posted October 13, 2014 Share Posted October 13, 2014 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. Quote Link to post Share on other sites
Terminal 886 Posted October 13, 2014 Share Posted October 13, 2014 (edited) 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 October 13, 2014 by Terminal 2 Quote Link to post Share on other sites
Maduncleronnie 312 Posted October 13, 2014 Share Posted October 13, 2014 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. Quote Link to post Share on other sites
Tugger 911 Posted October 14, 2014 Share Posted October 14, 2014 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 Quote Link to post Share on other sites
Boris Johnson 608 Posted October 14, 2014 Share Posted October 14, 2014 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. Quote Link to post Share on other sites
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