Second Home Mortgage - Advice Needed

chickadee

Hi, Can anyone give me some general advice about having a second mortgage for a second home?

Here are the facts:

Partner and me are jointly named on the mortgage for our main residence. Value of property is about £180K and outstanding loans are about £45K. £25K is borrowed on a Virgin One mortgage, with the balance being stoozed on various 0% credit cards. The 'facility' we have is £80k secured on the property so there is no problem about paying back the 0% cards as and when I need to.

Partner has now got a job about 150 miles away. It is permanent and should last for about three years (when he will be transferred to another site). He will get expenses, which will be paid unreceipted, of £200 per week. His salary is about £40k.

We want to buy another property, close to where he works for him to live in whilst he is working and also for us to be able to use as a weekend home as it is near the coast in a picturesque area. Hopefully this will increase in value and be an investment for us as well. We are looking to buy a property for about £90K, putting down £10K as a deposit, so we will need to borrow £80k.

Here is the problem. I have just resigned from my job in order to have a career break. How will this affect our ability to take over the second mortgage. I'm not planning on getting another job for about 5-6 months, so I won't be able to prove my income during that time. I have saved to cover it but this is built into the One Account balance figure.

Can anyone advise as to how my work (or rather, lack of work) position will affect us and, all things being equal, will it stop us from being able to do what we plan? BTW, we both have excellent credit histories and no CCJ or other debt problems.

Thanks!

chickadee

Anyone????????

homer_j_3

I have sort of answered on here

Converting your exisiting to a Buy To Let can be arranged purely on rental income.

Your income may become a problem if you are lookinhgto buy a new property