Buying a second house

semh

Hi - I own a property on a buy to let mortgage which I've never lived in and have always rented out and I'm now thinking about buying a second house to live in (as am currently renting).
Just wondered if anyone knew the rules around buying a second property?

Pixie5740

You'll pay an additional 3% SDLT (or LBTT if you're in Scotland).

G_M

What kind of rules?

* There is no law against buying a 2nd house.
* the conveyancing processes (rules?) are exactly the same as the first house.
* The rules around employing an estate agent are the same

But I suspect you're getting at SDLT???? You'll have to pay the 2nd property premium.

Prothet_of_Doom

You get a Mortgage decision in principle.
You view houses and flats.
You post the details here so we can tell you how brilliant or not they are.
You make a derisory offer.
It's accepted.
You apply for mortgage, and they send someone to value it and comment on it's condition.
You get a solicitor to do stuff, for money and it takes him forEVER
You come here to complain at the frustration.
Finally you send your solicitor the deposit, pay his invoice, and he calculates your stamp duty, which is an extra 3% because you already have a property.
Contracts are exchanged, a completion date agreed, you pick up the keys.
The solicitor pays the stamp duty to HMRC and you post here about some regret that the vendor didn't tell you about the ghosts, or the fact that the taps all drip.

Fuzzyness

Prothet_of_Doom wrote: »

You get a Mortgage decision in principle.
You view houses and flats.
You post the details here so we can tell you how brilliant or not they are.
You make a derisory offer.
It's accepted.
You apply for mortgage, and they send someone to value it and comment on it's condition.
You get a solicitor to do stuff, for money and it takes him forEVER
You come here to complain at the frustration.
Finally you send your solicitor the deposit, pay his invoice, and he calculates your stamp duty, which is an extra 3% because you already have a property.
Contracts are exchanged, a completion date agreed, you pick up the keys.
The solicitor pays the stamp duty to HMRC and you post here about some regret that the vendor didn't tell you about the ghosts, or the fact that the taps all drip.

nailed it.

kingstreet

semh wrote: »

Hi - I own a property on a buy to let mortgage which I've never lived in and have always rented out and I'm now thinking about buying a second house to live in (as am currently renting).
Just wondered if anyone knew the rules around buying a second property?

Will you require a mortgage to facilitate this purchase, perchance?

What deposit do you have in % terms?

Will the BTL be considered self-financing? Is the gross monthly rent more than 125% of the monthly mortgage interest assuming perhaps 6% per annum?

These are the kinds of things which will determine the future of your purchase and the number of lenders open to you. Don't answer them here, as best we can do is suggest you appoint an independent broker and they will require the answers.

davidmcn

semh wrote: »

Just wondered if anyone knew the rules around buying a second property?

The first rule of buying a second property is you do not talk about buying a second property.