mortgage for residential property

random44

Hi All,

I am currently base in london and have purchase 40% of a flat in leeds. i would like to apply for mortgage and buy the other 60% .

this place will be used some evenings and in weekends , would this qualify for residential mortagage ?
i live in london with a friend and work here but travel back over weekends and some evening


the other question is , with people experience , do you need to have bank account with a bank to apply for their mortgage product ?

thanks

koexelek

Yes, that should be OK as residential. You don't have to live in it 24/7 . As long as you have not let it, still use it yourself and it is your only property you should be fine.
You don't have to bank with a lender, but some ( Natwest, Santander, Nationwide etc) sometimes offer a slightly better rate if you do

random44

well at the moment it is rented out but will give notice to tenant to move out , the tenant needs two month notice

i am planning to share this with the bank and say once approved i will ask the tenant to leave. would this be an issues ? should i do it before applying for mortgage
either way i want to use that house for weekends for sure

kingstreet

Is this a shared ownership property?

If it is, you first need to contact the HA to establish its staircasing policy.

random44

no it is not under any scheme. i basically own 40% and had an agreement with the landlord to buy the rest at the market price

so no schemes really

kingstreet

The solicitor handling the purchase will have to ensure vacant possession on completion, so the lender won't be too concerned about the current occupancy.

Basically, you won't be able to complete the transfer of equity (removing the current joint owner) and the mortgage to achieve that, until the property is empty.