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    • loveka
    • By loveka 15th Jul 17, 4:37 PM
    • 339Posts
    • 329Thanks
    loveka
    Buying house with attached holiday let. Mortgage?
    • #1
    • 15th Jul 17, 4:37 PM
    Buying house with attached holiday let. Mortgage? 15th Jul 17 at 4:37 PM
    I am looking at a house which has an up and running holiday let with it. It also has a barn which, in the long term, we would want to convert to another let.

    Our plan was always to sell up and buy outright. But the market here is very flat at the moment (London commuter town)

    The house we want is £365k. We could put a deposit down of £130k.

    Current mortgage is £125k. House valued at £475k. Would rent for £1300 a month.

    Would I be able to get a holiday let mortgage for the house we want, and rent out the house we live in? I know we wouldn't be able to get a residential mortgage as I don't earn enough and already have one!

    We keep missing out on houses because we aren't proceedable, and I don't want to miss out on this one.

    I would really appreciate any advice.
Page 1
    • Thrugelmir
    • By Thrugelmir 15th Jul 17, 4:52 PM
    • 54,824 Posts
    • 47,671 Thanks
    Thrugelmir
    • #2
    • 15th Jul 17, 4:52 PM
    • #2
    • 15th Jul 17, 4:52 PM

    Our plan was always to sell up and buy outright. But the market here is very flat at the moment (London commuter town)
    Originally posted by loveka
    Flat in what way. Estate Agents have record low properties on their books to sell. Are people hesitant to or cannot afford to buy at current price levels. That's a different matter. Adjust your selling price to attact offers.
    “ “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
    • loveka
    • By loveka 15th Jul 17, 5:00 PM
    • 339 Posts
    • 329 Thanks
    loveka
    • #3
    • 15th Jul 17, 5:00 PM
    • #3
    • 15th Jul 17, 5:00 PM
    We have already reduced it. We have had 3 full asking price offers and one over the asking price. Our sale fell through because the people we were buying from changed their minds. That was only 3 weeks ago so we are not happy to accept a lower offer quite yet. Especially as the market we are buying in is buoyant at the moment. We would be selling low and buying high.

    I would rather get a mortgage if possible and rent our house out. If we can't do it we'll wait for the market to balance out a bit.
    • loveka
    • By loveka 19th Jul 17, 8:41 AM
    • 339 Posts
    • 329 Thanks
    loveka
    • #4
    • 19th Jul 17, 8:41 AM
    • #4
    • 19th Jul 17, 8:41 AM
    I have been trying to research this myself, and came up with another potential problem!

    If I could get a mortgage, would lenders be concerned that there are 2 properties which pay Council tax independently which are on the same title? The annex part is attached to the main house.

    Would this be a problem if we tried to port our mortgage if we sold?

    Thanks.
    • amnblog
    • By amnblog 19th Jul 17, 9:52 AM
    • 9,647 Posts
    • 3,721 Thanks
    amnblog
    • #5
    • 19th Jul 17, 9:52 AM
    • #5
    • 19th Jul 17, 9:52 AM
    I have been trying to research this myself.
    Originally posted by loveka
    Big mistake.

    Complex case due to the property that will require Professional help.

    If you are serious about this purchase engage a good mortgage broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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