advice on house buying

remorseless

Hi there - would like to get some advice about buying a property in the UK vs buying a holiday place overseas and keep renting in there UK.

I have recently moved to the UK with my employer, full time job, etc and even though I have deposit and finances to buy in the UK, I am considering buying a holiday property overseas and keep renting here.

I am on an ongoing job contract, etc but I don't know if I will stay here in the UK for the rest of my life and even though it's nice, having a property here would bring a big mortgage.

Buying a property overseas would allow me to have a retirement home (long way to go!) somewhere I like and a smaller financial commitment.

I get it that probably there's no right or wrong... just looking for feedback and thought to brainstorm!

edinburgher

Maybe you're asking some of the wrong questions, or missing some of the obvious ones

• Have you calculated the cost of buying vs. renting in the area where you wish to live? It may be cheaper to rent in London and large parts of the South East
• Have you considered whether you will be able to get a mortgage in the UK? If you're non a UK citizen and have only been here for a few months, you may struggle due to the lack of a credit history etc.
• Can you afford to effectively pay for two homes? Buying a UK home may be cheaper than renting, but renting + buying somewhere overseas without any specific plan re. location or managing your cash flow would seem to be a very poor idea
• Have you considered exchange rate risk on a mortgage that probably wouldn't be denominated in £?

In short, you need to have a more definite idea of what you want in terms of a home in the UK, how long you're likely to be in the UK and where/what you would consider buying abroad (and what vehicle you'd use to pay for it).

I don't think we can offer many suggestions until you have those things straight in your own head :beer: