buying a second home

richglos

Hi,
I'm looking to buy a second home to do-up and move into in a couple of years. I am currently mortgage free in my current house. Will I need a specialised mortgage lender as it's not a buy to let and I won't be living there for a couple of years?
Thanks for any advice.

Elfbert

If the new house costs less than the current one is worth (or if you could make up some of the price with savings), could you mortgage your current one and use the money released to buy the new one cash?

(I'm not mortgage expert - I don't know if that's possible, but it would mean you only needed a 'normal' residential mortgage- and an agreeable bank -, I think?)

richglos

Thanks for your thoughts, I'll ring around some brokers tomorrow.

amnblog

You need to be guided on this one as Lenders won't give your a residential deal if they suspect you will rent the property.

Your circumstances will dictate the best approach which a broker can help you to decide.

For example a property with holiday let potential is a different proposition to a smaller property in the same town.

[Deleted User]

If the property is going to be empty for a while, best to make sure that your insurance covers you as some only allow 30 or 60 days per year empty.

richglos

Thanks for your comments, I am looking for a large rural property which I plan to move to in a year or two.

amnblog

richglos wrote: »

Thanks for your comments, I am looking for a large rural property which I plan to move to in a year or two.

Frequent complications with these types of purchases, get some good advice.