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    • rugbydazzla
    • By rugbydazzla 13th Jun 17, 2:49 PM
    • 3Posts
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    rugbydazzla
    (re-)Mortgage
    • #1
    • 13th Jun 17, 2:49 PM
    (re-)Mortgage 13th Jun 17 at 2:49 PM
    Hi

    I have an unusual set of circumstances that seem to leave me a bit high-and-dry.

    I bought my first property a few years ago. Since then, I have moved into a property owned by my fiance. This is in another city. I kept my property and at the time a friend needed a place to live so I got 'permission to let' from the lender to cover the time he rented the place from me.

    During this time, my fix ended and I was stuck on an expensive SVR.

    My friend is now vacating my property and I am trying to work out my options.

    I wanted to treat the property as a "holiday home" - i.e. one that I would use at least monthly to visit family/friends/the city. If possible, I'd also like to do some casual holiday letting (such as airbnb) to help generate a bit of extra income but I wouldn't be dependant on this income.

    LTV is approx 85% and I have a decent salary of approx. £50k.

    I had read an article online which made it seem like I had some options where a "second home" could also be used for short term lets for up to 18 weeks with Halifax/Lloyds/Nationwide. But after explaining my circumstances to Nationwide, and going through full application with them, the underwriters turned down my application on basis that I couldn't "prove residential intention" which was pretty frustrating!

    Does anyone have any advice? Particularly keen to understand if there is anyone who will lend to me on the basis of a holiday home. It's a bit unusual given that it is my property/home and I technically don't own another home, albeit I live in my fiance's property

    Thanks!
Page 1
    • csgohan4
    • By csgohan4 13th Jun 17, 2:57 PM
    • 3,476 Posts
    • 2,157 Thanks
    csgohan4
    • #2
    • 13th Jun 17, 2:57 PM
    • #2
    • 13th Jun 17, 2:57 PM
    Sell the house and buy a new home with your Fiancee maybe an option and no LL responsibilities

    Or a Buy to let mortgage and let it out full time

    For holiday letting type, maybe consult a broker
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Thrugelmir
    • By Thrugelmir 13th Jun 17, 5:47 PM
    • 53,717 Posts
    • 46,481 Thanks
    Thrugelmir
    • #3
    • 13th Jun 17, 5:47 PM
    • #3
    • 13th Jun 17, 5:47 PM
    I wanted to treat the property as a "holiday home" - i.e. one that I would use at least monthly to visit family/friends/the city.
    Originally posted by rugbydazzla
    Be cheaper to use a B&B than own a property for occasional monthly use.
    “ “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
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