We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Commuter Mortgage!!??
ang24ang
Posts: 6 Forumite
My work has been relocated and I am thinking about buying a small property nearby to save on commuting.
I would be living in this property for at least 3 whole weeks out of 5 (I do shift work)
My current mortgage company advises I require a Commuter Mortgage (I have never heard of this) and they apparently don't do them.
I however will not be commuting to work as I will actually be living in the new property for a longer period of time than the actual current house I own!
I am confused as I assumed I could just get the equity out of my current property to buy a second however it is clearly not that simple.
Any advise from anyone will be really appreciated!
I would be living in this property for at least 3 whole weeks out of 5 (I do shift work)
My current mortgage company advises I require a Commuter Mortgage (I have never heard of this) and they apparently don't do them.
I however will not be commuting to work as I will actually be living in the new property for a longer period of time than the actual current house I own!
I am confused as I assumed I could just get the equity out of my current property to buy a second however it is clearly not that simple.
Any advise from anyone will be really appreciated!
0
Comments
-
Never heard of a commuter mortgage but assuming the affordability stacks up and are happy to incur the higher rate stamp duty theres no reason why you can't get another regular residential mortgage.0
-
It's a mortgage for a pied a terre.
Treat like any other mortgage for a second property as glosoli said.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards