We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Living with Parents but buy a house 275 miles away
JdBailey47
Posts: 2 Newbie
Hi,
Ive currently found a property i like to make an offer on and have done an agreement in principle and can afford it with a 20% deposit. However, the property is 275 miles away from my parents and full time permament job. I still want to live with parents during the week Monday to Friday for work, but live at weekends in the property I would like to buy. Firstly, would i be accepted for a mortgage because of this situation? and secondly, what type of mortgage would i need? ie primary, second, investment etc. I dont own any property, i am a first time buyer. Any help please?
Ive currently found a property i like to make an offer on and have done an agreement in principle and can afford it with a 20% deposit. However, the property is 275 miles away from my parents and full time permament job. I still want to live with parents during the week Monday to Friday for work, but live at weekends in the property I would like to buy. Firstly, would i be accepted for a mortgage because of this situation? and secondly, what type of mortgage would i need? ie primary, second, investment etc. I dont own any property, i am a first time buyer. Any help please?
0
Comments
-
I don't think the mortgage company would be interested in how you intend to use the property unless you let it out. It would be the normal type of mortgage. It might pay to be careful when buying insurance though, although even then it may not be a factor.
Is this arrangement sustainable though? Will you want to travel that distance all the time? Do you have any loner term plans to move there permanently? Do you have friends there or know the area? Why there specifically?0 -
I think the lender will be concerned that you're buying a property so far from where you work. Think you should see a broker to see if they think it is feasible.0
-
I would travel the distance but yeah, would move into it as my home after a couple of years. I have friends who live a few miles away from where i m intending to buy and i know the area well as had holidays in the area as well as my grandparents used to live in the area.0
-
I think the lender will be concerned that you're buying a property so far from where you work. Think you should see a broker to see if they think it is feasible.
Why would they know? My partmer's Head Office is 250 miles from where they actually work and would be the address used for mortgage applications. I could be wrong but I suspect quite a few people do this and then relocate later. I don't think it will be an issue but am happy to be corrected if wrong.0 -
IF you use the right Lender, and you have a sensible explanation this is acceptable.
The Lender will want to be confident that the cost of the commute will be affordable.
Don't try and do this without a Broker or you will fall flat on your face.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards