Buying a second home with my partner

helpful07

Hi.

I'm looking for some advice on what I need to consider financially when buying a second home with my partner. I own (mortgaged) my current home but she has never owned a property. What are the financial implications?

tlc678910

Hi,
If you are going to be buying a property together and keeping your original property, you will need to pay an additional 3% stamp duty (as you will then own two properties).

If one of your homes will be empty keep in mind that many councils now require 100% council tax for empty properties.

Will you be letting one of the properties. Lots of financial implications to this.

Thrugelmir

The existing mortgaged property will impact affordability calculations. As the lender will consider the potential effects if the property is generating no income.

bscjapan

I bought my first property at 21, and my second recently at 31, trying to buy one every ten years, both mortgaged, by myself. One reason is my income is sufficient to do so, and secondly I always have a decent sized deposit, at least 20%. Banks ideally want 25% if you are buying to let. Depends on your aims too.