Mortgage for second home flat

Runninglaps

Hello,

I have a bit of a situation with moving and jobs and wanted some advice.

Me and my wife are looking to move to Yorkshire. I have been offered a great job in York but my wife has been told she can't move her job for about a year.

We're probably going to go for us and the job I've been offered is to good of an opportunity to turn down and probably won't come round again.

As such we were looking at renting a flat in York for a year. However, it seems really expensive - anywhere I would want to live is around £600 a month.

I could it seems get a half decent flat for around £125,000,. After the 3% stamp duty I would have to pay I would be able to put around £20,000 towards the purchase (without having to remortgage our current house).

We own our current house and have a remaining mortgage of about £40,000 , and it is probably worth £180,000.

IS there someone who would lend in this situation, as it isn't BTL, and it wouldn't be our main or only home? Affordability should be fine, household income circa £85k plus my bonus.

Long term we would probably look to turn it into BTL, as if I just sell it in a year costs would seem to outweigh any benefits.

Thanks for any advice.

Lilla_D

Hi, it sounds like a feasible move, as lenders can consider a second resi home in cases where there's a genuine requirement due to work situation. 85% LTV is a bit limiting your lender options, but could still be feasible. If you speak to a broker, they will be able to advise re your lender and deal options, costs, etc.

Runninglaps

Great thanks. I had a quick look on line to see what was out there and couldn't see much. I guess a broker would be the way to go as a bit niche.