Buying a second house & keeping the first

steven589

I was wondering if anyone has got any advice with the following:


My girlfriend has just started a new job, and she has been offered a really good relocation package so she wants to buy a house.

Our plan is to buy the house together, but now things get complicated - I already own a property (which I live in), and the plan is that, next year, I will move in with my girlfriend and I will then turn the flat I'm currently living in into a buy-to-let mortgage. However, she will be buying a property before I move in.

So my question is this: When working out what mortgage we can borrow, will the bank consider (as well as obviously my girlfriends's salary) what is left of my salary

i.e. I bought a flat for £84k, but was advised that I could borrow up to £110k, so will they therefore look at the difference?

Or are things more complicated than this?

Any help appreciated!

Steve

fusar

Hi,

I am not sure if this will be of any help... but when I bought my second home, I spoke to my lender and they said that I could pay an administration fee of £135 and they would add a clause to my residential mortgage, permitting me to rent it out. I then asked to release the equity I had in the house and bought my second property with that.

Sarah