Second Home

humphrer

My family and I live in accommodation provided by our work during school term time. We would like to buy a house to get us on the ladder that we could use in the school holidays.
Is it possible to buy this on a residential mortgage? We spoke to an unhelpful mortgage advisor yesterday who told us it was not possible on a residential mortgage because we wouldn't be living there, however didn't really give us any solutions for what is possible.

Can anyone tell me how I could do this?

Thanks

kingstreet

Is this property to be empty for over 35 weeks of the year then or do you have some other occupation plan for it?

DVardysShadow

Before you approach another Mortgage Advisor, you need to be of the mindset that the place you buy will be your home and that you will be living there - and that the place provided by work during term time is temporary accommodation where you sleep and eat as required by the job.

The real issue that you need to address is that normal domestic buildings and contents insurance will be invalidated if the property is unoccupied for more than 30 days at a stretch - and having no effective buildings insurance will in turn put you in breach of your mortgage.

So what are your plans for the house when you don't sleep and eat there?

humphrer

I don't really have any plans for it when we are not there so it would be unoccupied.

I am not sure holiday rentals would be a useful option because we would want it when it is the peak holiday weeks.

Thanks