Can we buy a house and not live in?

[Deleted User]

Hi, 
We are first time buyers.

davidmcn

"Normal" mortgages are for properties which are being used as your main home, not being left empty indefinitely. And buying something far from where you live is likely to arouse suspicion that it's buy to let in disguise. Much easier to relocate first, then buy.

LoveSauce

Just to add to the above, insurance companies will not be happy that you are leaving the house unoccupied for lengths of time.

greatcrested

People buy derelict or out-dated properties to do up allthe time.

People buy second homes/holiday homes.

Of course i'ts possible.

But you'll need a specialist mortgage product, so see a specialist mortgage broker.

You'll also need specialist insurance, so see a.......

Thrugelmir

Is your partners firm willing to relocate him? 

Mutton_Geoff

davidmcn said:

Buying something far from where you live is likely to arouse suspicion that it's buy to let in disguise. Much easier to relocate first, then buy

Really? People relocate across the country all the time.

davidmcn

Mutton_Geoff said:

davidmcn said:

Buying something far from where you live is likely to arouse suspicion that it's buy to let in disguise. Much easier to relocate first, then buy

Really? People relocate across the country all the time.

It's the "buying before you have a local job offer" bit which seems likely to be problematic (from previous similar threads here). Particularly for FTBs.

Thrugelmir

Mutton_Geoff said:

davidmcn said:

Buying something far from where you live is likely to arouse suspicion that it's buy to let in disguise. Much easier to relocate first, then buy

Really? People relocate across the country all the time.

Buying a house where you currently do not work and reside isn't relocation. Lenders work on facts not supposition and potential plans. 

tealady

Also you may have to pay Council tax on the property, even of it is empty.
Oh an it may cost more to insure.

[Deleted User]

Thrugelmir said:

Mutton_Geoff said:

davidmcn said:

Buying something far from where you live is likely to arouse suspicion that it's buy to let in disguise. Much easier to relocate first, then buy

Really? People relocate across the country all the time.

Buying a house where you currently do not work and reside isn't relocation. Lenders work on facts not supposition and potential plans. 

I was never asked for proof that I was transferring work in similar circumstances. If the lender does not have criteria that the borrower lives or works within x miles of the proposed address, then the facts support the borrowers plans. 

[Deleted User]

Thrugelmir said:

Is your partners firm willing to relocate him? 

Yes, he can work from the office they have in Sheffield.