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buying a 2nd property

triathleterob
triathleterob Posts: 8 Forumite
in House buying, renting & selling
Hi all,

I would like to buy a 2nd property as an investment. It will also be somewhere for my brother to live as I've had enough of him sleeping on my sofa!

I have my own home, I'm mortgage free and have 20k for a deposit. I'm 46 years old. Can I get a 25 year term? Shorter options?

Can anyone advise on my mortgage options?
Are there any issues with putting family members in a 2nd property instead of renting?

We are both handy DIYer's so I could consider a doer-upper, sell on and start again. Does this affect the type of mortgage I'll need?

Thank-you for looking.

Regards

Rob

Comments

  • booksurr
    booksurr Posts: 3,700 Forumite
    how come you have not asked this on the mortgage board since your question is about mortgages?
  • Hoploz
    Hoploz Posts: 3,888 Forumite
    Yes, there could well be issues with a BTL mortgage, as you may or may not receive market rent from a relative.

    However, as you have no other mortgage you could probably get the mortgage based on your income rather than rental income.

    You need to speak to a broker to get best advice on who prefers to / not to lend on this basis.
This discussion has been closed.
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