What can I do?

Wanno

I wonder if anyone can offer any advice on my situation.
I bought a cottage in 2006 (value 180,000 with a mortgage of 120,000) and it was done up whilst I continued to live in rented place. Cottage is now nice and pretty and completely renovated. But, my sister now lives in the cottage and I continue to rent. (Don't go there) So, it seems as though I have a mortgage on a primary residence that I don't actually live in. (Sister pays rent but no tenancy agreement- it kind of seems I pay for the priviledge of having her in my house!)

After 7/8 years of renting I am dying to get my own place. (and no the option of living in my house without sister is not available, in the way that WW3 is not an option) But what do I do about getting another mortgage if you can only have one primary residence?

This I thought would have been a relatively simple question with an answer someone more in the know would be able to help with.

But, added to this:
I became a contractor for the company that I have worked for for 3 years in March and have an income conservative figure of £82,000-£96000. I also have some money saved up which means that I could put down about 15k for a deposit on something. I have a rolling contract and a client that I provide services for for 1 year already signed and will be paid quaterly to the company. I am sure I could provide references from the company I contract to indicate that I am in job with relatively secure earning potential, rolling contract for services etc.

Would I even be able to get a mortgage despite cash saved and secure earnings, but with only limited accounts for my 3 month old business?

I have no idea!

(I would love to move out of london back to the country and I have seen a lovely cottage for 135,000 which would be perfect. Does anyone think that the relatively low price of the cottage would persuade lenders at all?)

silvercar

For tax purposes you can have only one primary residence. For mortgage purposes you can have as many as lenders will agree to.

Your salary will justify a mortgage large enough to buy the cottage and keep the mortgage on your sister's home.

A broker will know which lender will be happy with this.

The other option is to get consent to let on the sister's place, then an ordinary residential on your new place. Only problem with that is that you haven't got a tenancy agreement, though the rent money going into your account shoudl suffice. Also some lenders get sniffy at family rentals. Again a mortgage broker can advise.

Robert_Sterling

Wanno wrote: »

my sister now lives in the cottage and I continue to rent. (Don't go there)

OK I won't go there.