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Second home?
Wiganlad2012
Posts: 2 Newbie
My wife and I are relocating for her work, we are buying a house but I will not be on the mortgage as I will be unable to provide a proof of earnings. We are considering buying a second home in Stoke (location of my wife's job) but in my name alone, once I'm settled with work. Would this constitute as a second home? Any advice would be appreciated!
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Comments
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If you own one home, and either of you buy another, then yes, it's a second home."Real knowledge is to know the extent of one's ignorance" - Confucius0
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Thanks for the reply.. but would I be considered a home owner if not named on the mortgage?0
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If you're referring to the SDLT rules, married couples are considered a single entity. The bright side is Stoke is one of the cheapest areas in England, and you might be able to get your first property under the SDLT threshold (£125,000). In fact, you might even get the second one under £40K, which wouldn't attract the extra SDLT."Real knowledge is to know the extent of one's ignorance" - Confucius0
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Wiganlad2012 wrote: »My wife and I are relocating for her work, we are buying a house but I will not be on the mortgage as I will be unable to provide a proof of earnings. We are considering buying a second home in Stoke (location of my wife's job) but in my name alone, once I'm settled with work. Would this constitute as a second home? Any advice would be appreciated!
you can be on the mortgage even with zero income : lot of stay at home partners are on mortgages and own jointly
do bear cgt, in mind as that may be a factor in joint/single ownership0 -
home owner in what context?Wiganlad2012 wrote: »Thanks for the reply.. but would I be considered a home owner if not named on the mortgage?
- liable for higher rate SDLT?
- liable for the mortgage?
- able to claim single person council tax discount?
- liable for Capital gains tax when it is sold?0
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