Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • helpful07
    • By helpful07 8th Oct 16, 9:55 AM
    • 41Posts
    • 21Thanks
    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

    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
    • 465 Posts
    • 853 Thanks
    • #2
    • 8th Oct 16, 7:41 PM
    • #2
    • 8th Oct 16, 7:41 PM
    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
    • 54,276 Posts
    • 47,061 Thanks
    • #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.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • bscjapan
    • By bscjapan 9th Oct 16, 11:10 AM
    • 2 Posts
    • 0 Thanks
    • #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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,046Posts Today

8,365Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin