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Can I buy a 2nd home without it being a buy-to-let?

Simms92
Simms92 Posts: 15 Forumite
in House buying, renting & selling
I currently own my home, 106k mortgage left on a 210k property.

Can I buy another home for me to live in, splitting my time between the two? Could I get another mortgage that is NOT a buy-to-let?
«1

Comments

  • sammyjammy
    sammyjammy Posts: 7,993 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Do you have a deposit? Can you afford another mortgage and two lots of bills? You will have to pay stamp duty relevant to a second home but yes of course you can if the numbers add up.
    "You've been reading SOS when it's just your clock reading 5:05 "
  • ACG
    ACG Posts: 24,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You could not get a BTL on a property you plan on living in, so it would have to be a residential mortgage.

    There are a few questions that need to be asked but in short yes you can. Such as how much you need from a mortgage, how often/long the property will be left empty, how much your income is, how much you spent on loans/credit cards and other commitments.

    Your income would need to support the 2 mortgages and any other commitments you have (in the eyes of the lender).
    I am a Mortgage Adviser
    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.
  • lisyloo
    lisyloo Posts: 30,094 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I live in 2 homes (but one is rented).
    You’ll need to lay stamp duty, be wary of CGT and also insurance terms and condition wrt to leaving one unoccupied.

    I have my ID credit records, electoral role at one address so you might want to think about how that is going to work.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    You can buy as many as you want (and can afford)
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    A standard residential mortgage would not apply as it would not be your main residence.

    Likewise a BTLmortgage, as you wouldnot be letting it.

    You would need a specialist mortgage for a 2nd home. But yes- quite common. See a mortgage broker.

    Insurance, Capital Gains Tax, additional 2nd property SDLT, are all things to consider.


    And obviously income/affordabilty.
  • bengalknights
    bengalknights Posts: 5,021 Forumite
    Part of the Furniture 1,000 Posts
    Yes you can as ive purchased the property on my left side few years back and now in process of purchasing the one on my right side.

    The only areas that you have to explain are how will you pay the bills and stamp duty.
  • Simms92
    Simms92 Posts: 15 Forumite
    Thanks all.

    Additional question - I currently have lodgers in my current home. If I were to buy another property, do I get the £7500 lodger allowance for a second property?

    I would be living in both.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Simms92 wrote: »
    Thanks all.

    Additional question - I currently have lodgers in my current home. If I were to buy another property, do I get the £7500 lodger allowance for a second property?

    I would be living in both.



    ... starting to sound like tax evasion and having 'lodgers' (tenants in reality)...
  • lisyloo
    lisyloo Posts: 30,094 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    As far as HMRC are concerned you can only have ONE home/main residence.

    I’m not familiar with the lodger rules but if it says you home or main residence then it refers to ONE place.
    You can change where it is for CGT purposes but that might conflict with your requirement for it to be where your lodgers are.
  • Simms92
    Simms92 Posts: 15 Forumite
    you've probably answered my question.. :(
This discussion has been closed.
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