Second house questions

jenny_f

Myself and my husband have split up but we are struggling to sell our house. We did have a buyer but heir buyer has pulled out so we are back to square one.

I had reserved a new build based on us having sold and I don’t want to lose the new house. I do have enough to get a mortgage on the new build but have some questions

- I know I will pay additional 3% stamp duty on my new house and that I may be able to get this back if we sell within two years. Is this still the same if the house we are selling is joint and the one I am buying is just in my name?

- mortgages - I would be getting a second mortgage and it will be a tight few months until the joint house is sold. I am putting in a lower deposit than I would if we had sold the house. I therefore want to be picky over which mortgage I get as would want to be able to do a large overpayment once the house is sold (and then either reduce the monthly payments or the term). Is this possible to do?

I think I’ve thought of most other things! TIA

spendinglikemad

possible depending on your income and outgoings, might be worth getting a broker to find the best deal for you given you will want to pay off a large amount once you have sold.

You will need to consider the current outgoings and insurance and council tax at 2 properties in the short term

Its 3 years to claim back the additional stamp duty

Good luck

Rambosmum

1 - it's 3 years. It doesn't matter who you own or don't own a house with, simply that you do.


2 - a one year deal may be better, then pay off the extra at the end. but speak to your broker who will be best able to advise.