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Buying a 2nd property
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daviduk1976
Posts: 378 Forumite
Hi all,
I have just got a new job in London. We currently own outright a 2 bedroom house in Manchester. (Approx value £210k)
I now work in London mon - fri.
We have seen a flat for 100k in Cambridgeshire which would be ideal for me to commute to my place of work.
We would like to borrow 125k, to pay for the new flat and also to do a small extension on my main home.
How and what type of mortgage/loan would it be and would we need a deposit? As it will be classed as my main residence what tax implications does this have....my other half will stay in Manchester. Our take home is £4000 every 4 weeks after tax.
As I will be visiting my northern home at weekends, can we claim the single person council tax?
Do we approach a bank or go direct to a broker?
Any help would be greatly appreciated.
David
I have just got a new job in London. We currently own outright a 2 bedroom house in Manchester. (Approx value £210k)
I now work in London mon - fri.
We have seen a flat for 100k in Cambridgeshire which would be ideal for me to commute to my place of work.
We would like to borrow 125k, to pay for the new flat and also to do a small extension on my main home.
How and what type of mortgage/loan would it be and would we need a deposit? As it will be classed as my main residence what tax implications does this have....my other half will stay in Manchester. Our take home is £4000 every 4 weeks after tax.
As I will be visiting my northern home at weekends, can we claim the single person council tax?
Do we approach a bank or go direct to a broker?
Any help would be greatly appreciated.
David
TOTAL 2013 £3100 :eek:
TOTAL 2014 £1250
TOTAL 2015: £500 winning:2 tkts to theatre, Cap1 Footie, weeks holiday in lakes.
TOTAL 2014 £1250
TOTAL 2015: £500 winning:2 tkts to theatre, Cap1 Footie, weeks holiday in lakes.
0
Comments
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It would be a remortgage of your own residence if your planning to buy the flat outright, however the lender may have an issue doing it as a residential if your living in Cambridgeshire most of the week. Check with them on this.
Unsure of the council tax rule to be honest.
I would certainly go with a broker for this.0 -
when you say 'other half', are you actually married / in a civil partnership ?
If so I believe you can only have one PPR between you.
https://www.gov.uk/tax-sell-home0 -
Single person discount only applies if you only own a one home so you won't get that.
Having only just got this job, in your shoes I would rent for a while until I get established.0 -
p00hsticks wrote: »when you say 'other half', are you actually married / in a civil partnership ?
If so I believe you can only have one PPR between you.
https://www.gov.uk/tax-sell-home
civil partnership then converted to marriageTOTAL 2013 £3100 :eek:
TOTAL 2014 £1250
TOTAL 2015: £500 winning:2 tkts to theatre, Cap1 Footie, weeks holiday in lakes.0 -
Speak to a broker. They will consider lenders that will allow you to remortgage your primary residence to purchase the second property.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0 -
There are a few ways to do what you are after.
If you sit down with a broker, they can do a factfind and discuss the various ways to go about getting what you want. If you go directly to a bank, you will only have their way of doing it.I am a Mortgage AdviserYou 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.0 -
Thanks for ur help guys. Appointment booked in!TOTAL 2013 £3100 :eek:
TOTAL 2014 £1250
TOTAL 2015: £500 winning:2 tkts to theatre, Cap1 Footie, weeks holiday in lakes.0
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