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Can I buy a second home, without selling my current home
KirstyLou_3
Posts: 1 Newbie
I would be grateful if someone could help.
Our current home has a mortgage outstanding of £28,000. and we are wanting to buy a second home without selling this one. We would probably rent this one out.
Our current home is valued around £140,000.00 and we are wanting to buy one for approx. £240,000.00
Can you please tell me if this would be possible???
My husband currently earns $10,000.00 per month tax free.
Any help would be great.
Our current home has a mortgage outstanding of £28,000. and we are wanting to buy a second home without selling this one. We would probably rent this one out.
Our current home is valued around £140,000.00 and we are wanting to buy one for approx. £240,000.00
Can you please tell me if this would be possible???
My husband currently earns $10,000.00 per month tax free.
Any help would be great.
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Comments
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I would be grateful if someone could help.
Our current home has a mortgage outstanding of £28,000. and we are wanting to buy a second home without selling this one. We would probably rent this one out.
Our current home is valued around £140,000.00 and we are wanting to buy one for approx. £240,000.00
The above seems ok.
But you have not put what deposit you have, if any. Or if you need to raise funds from the first property
Can you please tell me if this would be possible???My husband currently earns $10,000.00 per month tax free.
Any help would be great.
Earning in dollars may be a problem, and being tax free
What is the situation arouns dollars, and being tax free?
Are you both here in the UK?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
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Perhaps she means 'after tax'?:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0
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Someone somewhere should be getting some tax from your husband!The Head Honcho (does very little work)0
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maninthestreet wrote: »Dollars or Pounds? Either way, how can this be tax free??
Whether it is dollars or pounds, if it's tax free... do they have any jobs going ? :cool:I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
That is why I asked the question if they are both in the UK
You can get jobs abroad in countries where you are paid tax free i.e. BermudaI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
Possible to work in the UK and earn dollars tax free as part of the US military services here as well.
So really we need to know
Citizenship?
Work/employer - how does your husband earn tax free?
Deposit?
Any other credit committments?
Who is your existing lender?
Any adverse credit problems?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
That is why I asked the question if they are both in the UK
You can get jobs abroad in countries where you are paid tax free i.e. Bermuda
Yes but you would then need to live in Bermuda. And then you wouldn't stand a chance of getting a UK mortgage for a house you would not be living in... or it would be harder.
If you live in the UK then you are a UK resident for tax purposes.The Head Honcho (does very little work)0 -
mattwallisuk wrote: »Yes but you would then need to live in Bermuda. And then you wouldn't stand a chance of getting a UK mortgage for a house you would not be living in... or it would be harder.
If you live in the UK then you are a UK resident for tax purposes.
Incorrect actually, in terms of not being able to get a mortgage.
It would be possible.
May now be harder, but possible.
But until the OP clarifies this point we are all speculating, hence my original question.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
Should have stated it as an opinion then, my bad. I wouldn't want to lend someone in Bermuda money for a house in the UK that they have no intention of living in nor being a resident in the UK for, and earning the equiv. of £6,700 a year... for example.
The Head Honcho (does very little work)0
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