buying second home

msmaryc

I own my 3 bed home without any mortgage but I have a permanent job which means I work away from home during the week. I have a Monday to Friday lodger in my home and I rent a room in a house myself Monday to Friday. I'm wondering if I can unlock the value of my house to get a mortgage to buy a studio flat? Don't want to sell my house but am fed up of paying rent for a room in someone's house. All help much appreciated.

hazyjo

Know you said you don't want to sell, but wouldn't that be the most logical solution here? Can you say what's keeping you there?


You could buy a studio with a mortgage, but then your 'lodger' would become a 'tenant' (presuming your actual home would then be the studio), and you'd not be able to stay at the house.

G_M

hazyjo wrote: »

Know you said you don't want to sell, but wouldn't that be the most logical solution here? Can you say what's keeping you there?

You could buy a studio with a mortgage, but then your 'lodger' would become a 'tenant' (presuming your actual home would then be the studio), and you'd not be able to stay at the house.

True though he could designate his house as his main residence and the studio as a '2nd home'. I assume he'dstill be going back to the house at weekends. His lodger would still be a lodger.


The studio would attract 2nd home additional SDLT on purchase - do the maths as to how much that costs and add it to the overall purchase costs.


To my mind, a key factor is timescales: how long doyou envisage this 'working away from home in the studio location' to last? If it's a long term thing, then buying might make sense over renting.



If there might be a change of employer, or transfer of employment location, then it does not make sense.