Mortgage confusion

DaveLePen

Dear all,

I bought a house (with mortgage) about 5 years ago as a first time buyer.

I moved out of the house about 2 years ago due to change of work location. The lender agreed to switch the mortgage to buy to let and I rented it out for a while. The house is currently unoccupied as I was trying to sell it. However it turned out to be very difficult to sell and I am considering to start letting it out again.

I am currently living in a rented property.

I want to buy another house around where I live, but am very confused about what kind of mortgage will I be eligible for. Should it be moving home or buying a second home?

Any advice please?

Regards,

Dave

muhandis

We're going through the exact same process now through a broker.

As far as stamp duty is concerned, it's a second property with the additional 3% surcharge.

As far as a lender is concerned, from what our broker told us there are two categories - first time buyers and home movers - we fall into the home mover category.

Edit: To save you some trouble, none of the online forms capture this scenario accurately. We needed to speak to a broker to get a realistic idea of our options.

DaveLePen wrote: »

Dear all,

I bought a house (with mortgage) about 5 years ago as a first time buyer.

I moved out of the house about 2 years ago due to change of work location. The lender agreed to switch the mortgage to buy to let and I rented it out for a while. The house is currently unoccupied as I was trying to sell it. However it turned out to be very difficult to sell and I am considering to start letting it out again.

I am currently living in a rented property.

I want to buy another house around where I live, but am very confused about what kind of mortgage will I be eligible for. Should it be moving home or buying a second home?

Any advice please?

Regards,

Dave