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FTB buyer but own a home in Europe.. How will it effect me?
riri1234
Posts: 2 Newbie
As in title, I co-own a house abroad with my sister (bought for us by my parents), it was a cash purchase so no mortgage.
I'm looking to purchase something in the UK in the next few months.. With a value of up to £200k I have 15% deposit and will be buying with my OH.
Will owning this property effect me in a positive/negative way?
Many Thanks, Ri
I'm looking to purchase something in the UK in the next few months.. With a value of up to £200k I have 15% deposit and will be buying with my OH.
Will owning this property effect me in a positive/negative way?
Many Thanks, Ri
0
Comments
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It won't affect you in any meaningful way.
Ask your chosen lender if it classes you as a FTB or not, as this may make a little difference on the mortgage rate/fees.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You should of course declare the property, as the running costs will affect affordability on the future mortgage.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I don't pay any running costs on the property, my parents do, should anything happen to them then the property will be sold. Will that still affect affordability?0
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You "should" declare the property, however given the location, and if no payments are coming from your account, the lender would be unlikely to trace it, but you "should" declare it.
Although your parents pay the costs, you are presumably liable should they not do so.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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