What type of mortgage?

jebervic

I have my home in Cornwall (no mortgage) but work in Hertfordshire, currently paying for a rented property but would rather own a property and live in somewhere I own.

I have a 10% deposit, but what is the best way to ensure I get the mortgage and at the best rate? is it a 2nd home or ftb, could I say that I am splitting up and need somewhere close to work?

Any advice on the best strategy?

Doofs69

Do you have tenants in your mortgage free home, or is this your home at weekends ? It would be treated as a 2nd home the new purchase, so effectively a new resi mortgage, as you currently own a home already albeit mortgage free

jebervic

Doofs69 wrote: »

Do you have tenants in your mortgage free home, or is this your home at weekends ? It would be treated as a 2nd home the new purchase, so effectively a new resi mortgage, as you currently own a home already albeit mortgage free

No tenants, so would it be difficult and more expensive?

jebervic

would it make it easier if I said I was separating and planning to move out to live there and say I was planning to sell the Cornwall house?

Doofs69

The rented accommodation are you only living there Mon-Fri and back home in Cornwall at weekends ? Do you have family that live in your home in Cornwall ?

jebervic

Doofs69 wrote: »

The rented accommodation are you only living there Mon-Fri and back home in Cornwall at weekends ? Do you have family that live in your home in Cornwall ?

I am living in rented monday to friday and cornwall at weekends, but family home is cornwall and have two daughters living there

Doofs69

on that note, a let-to-buy is not an option then, leaving just a new resi mortgage if you want to buy a new property. Bear in mind your outgoings for bills will be looked at across both properties with any new mortgage, and your employment will be reviewed ie main home in Cornwall and working/looking to buy in Hertfordshire

jebervic

Doofs69 wrote: »

on that note, a let-to-buy is not an option then, leaving just a new resi mortgage if you want to buy a new property. Bear in mind your outgoings for bills will be looked at across both properties with any new mortgage, and your employment will be reviewed ie main home in Cornwall and working/looking to buy in Hertfordshire

So the separation idea wouldn't work then?

jebervic

I am looking for a five year fixed and have a 10% deposit, is there a better deal than 4.09% with the post office?

Doofs69

If you have valid reasons for working and buying in Hertfordshire, on the basis you have a mortgage free home in Cornwall, which can be supported and verified by your Employer (if reviewed by lender -it may not even require a review but be prepared as they may write to your employer), then I cant see any benefits of treating this as a "separation" case, as you will still be treated as buying a 2nd home.

Contemptuous

jebervic wrote: »

So the separation idea wouldn't work then?

Is it your intention to separate?