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    • helpful07
    • By helpful07 8th Oct 16, 9:55 AM
    • 41Posts
    • 21Thanks
    helpful07
    Buying a second home with my partner
    • #1
    • 8th Oct 16, 9:55 AM
    Buying a second home with my partner 8th Oct 16 at 9:55 AM
    Hi.

    I'm looking for some advice on what I need to consider financially when buying a second home with my partner. I own (mortgaged) my current home but she has never owned a property. What are the financial implications?
Page 1
    • tlc678910
    • By tlc678910 8th Oct 16, 7:41 PM
    • 386 Posts
    • 757 Thanks
    tlc678910
    • #2
    • 8th Oct 16, 7:41 PM
    • #2
    • 8th Oct 16, 7:41 PM
    Hi,
    If you are going to be buying a property together and keeping your original property, you will need to pay an additional 3% stamp duty (as you will then own two properties).

    If one of your homes will be empty keep in mind that many councils now require 100% council tax for empty properties.

    Will you be letting one of the properties. Lots of financial implications to this.
    • Thrugelmir
    • By Thrugelmir 8th Oct 16, 9:37 PM
    • 51,249 Posts
    • 43,034 Thanks
    Thrugelmir
    • #3
    • 8th Oct 16, 9:37 PM
    • #3
    • 8th Oct 16, 9:37 PM
    The existing mortgaged property will impact affordability calculations. As the lender will consider the potential effects if the property is generating no income.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • bscjapan
    • By bscjapan 9th Oct 16, 11:10 AM
    • 2 Posts
    • 0 Thanks
    bscjapan
    • #4
    • 9th Oct 16, 11:10 AM
    Depends on your income
    • #4
    • 9th Oct 16, 11:10 AM
    I bought my first property at 21, and my second recently at 31, trying to buy one every ten years, both mortgaged, by myself. One reason is my income is sufficient to do so, and secondly I always have a decent sized deposit, at least 20%. Banks ideally want 25% if you are buying to let. Depends on your aims too.
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