Can this work?

*Cherry*

Hi All,

I have a tricky situation and am in need of some advice.

I own outright a property that I currently live in with a relative. The relative has a lifetime interest (I think that is the term) in the property and I am not now nor will be receiving any income from it. I wish to branch out on my own and don’t want to feel I am “wasting” money renting (in my area rents are v.high!).

Having gone through my budget I think I can afford to pay a mortgage suitable to purchase a property, but….. this is with a small cash deposit (5%) and is at the top end of what I could possibly borrow (4.5 xa nnual income).

Would this be considered a 1st time buy (I have never purchased a property this was inherited, and I have never held a mortgage), or as I have a property already in my name would I be a 2nd homeowner? I don’t think it would in any form be considered buy to let as I would be living in the “new” property myself, but I will not be getting any income from the original one either.

Could I use the owned outright property as a bargaining chip for getting a lender to agree to a low deposit on the new property?

Or is there some other way I’ve not seen yet to get me into a new property while the current one remains occupied?

Mortgage_Mark_2

Haven't read the rest in detail, however if you own a property, you're not a first time buyer...