mortgage when not primary residence

Melodydance

Can anyone direct me to rules regarding mortgage for home not principal residence. Rent in London and want to purchase outside whilst keeping flat in london. Is this allowed?

holly_hobby

Who will live in the property if you intend to reside in London as your primary residence ?

If you intend to let it out, and whilst I know you currently rent, do you have any mortgage history ?

Holly

Melodydance

We're intending to use it, just not full time. So weekends, half terms etc. Kids have couple more years at school so plan is to relocate when their done. No mortgage just low rent in London

Thrugelmir

Shouldn't be an issue then.

holly_hobby

Melodydance wrote: »

We're intending to use it, just not full time. So weekends, half terms etc. Kids have couple more years at school so plan is to relocate when their done. No mortgage just low rent in London

That should be ok if it won't be left unoccupied for more than 30 consecutive days (as this will affect std b&c cover) - also as it won't (at application) act as your primary (main) residence, it will probably be assessed under 2nd property criteria (even though this will be your only mortgage commitment).

Accordingly and affordability wise, obv your current rent and commitments in London will also be included in the overall affordability assessment for your mge application.

Given that, and to save you some leg work and time, I would suggest contacting a mge broker whom after assessing your requirements and status, will accordingly source suitable lenders for consideration.

Hope this helps

Holly

Let_Us_See

Simply confirm your proposed purchase as your main residence and that you simply rent a flat in London to save the hassle of commuting.