Buying second home as Main Residence

NationalElfService

Hi all,

My SO and I are getting married and are thinking about buying our first house to live in next year and we are looking for some advice.

We currently rent a flat, but I also own a property in a different part of the country that is currently rented out that was gifted to me two years ago (mortgage free).

I understand that we'll be paying the extra second property stamp duty (although this is the first actual buying of a property I've ever condcuted). Our hope is to retain this property and buy a house to live in for ourselves.

I was just wondering if I needed a special type of mortgage since I guess we're not considered first time buyers nor buy-to-let buyers?

Most of the high street lenders don't seem to account for this nunace on their sites, but I wondered if the forum migh have any answers?

Cheers,

NES

sal_III

You don't need a "special" type of mortgage, just a residential mortgage for a property you intend to use as main residence. The fact that you own another property outright and not considered first time buyer and will have to pay additional SDLT is irrelevant as far as the mortgage is concerned.