Can we buy a house and not live in?

Comms69

ditunka said:

brett19852010 said:

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. 

how do people buy a holiday house if there are so many comments against the property buying ? You don't live in your holiday house and you don't visit it that regularly, so how does that work? 

Not with a residential mortgage...

greatcrested

ditunka said:

[Deleted User] said:

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. 

how do people buy a holiday house if there are so many comments against the property buying ? You don't live in your holiday house and you don't visit it that regularly, so how does that work? 

Already answered above! Read your own thread!

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.......

Slithery

They weren't losing their nerve, you're just repeating questions that you've already been given the answer to...

Thrugelmir

ditunka said:

Thrugelmir said:

Is your partners firm willing to relocate him? 

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

Make it official then. Get an internal transfer. 

Nebulous2

ditunka said:

brett19852010 said:

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. 

how do people buy a holiday house if there are so many comments against the property buying ? You don't live in your holiday house and you don't visit it that regularly, so how does that work? 

How it worked for me was the mortgage on my main home was paid off. I took a mortgage on it to partly fund buying a separate property. We'll eventually move there, and sell the original property, but its currently a holiday home. It was fairly straightforward on a residential mortgage.

Not visiting it regularly doesn't work though. It can be difficult to get insurance on a holiday home, and ours has to be checked by someone once a week as a condition of the insurance.

AlexMac

This is far less complicated than most replies make out.

The answer is yes.

I've bought over half a dozen properties as my/our primary residence over the past 40 odd years (ignoring several other second homes and BTLs).

No lender has ever asked me lifestyle or marriage questions, what my career plans are, if or how quickly I plan to do the place up or what I plan to do about Council Tax, utilities, etc (assuming its mortgeable in the first place that is, and I've bought some wrecks).

Go for it

[Deleted User]

AlexMac said:

This is far less complicated than most replies make out.

The answer is yes.

I've bought over half a dozen properties as my/our primary residence over the past 40 odd years (ignoring several other second homes and BTLs).

No lender has ever asked me lifestyle or marriage questions, what my career plans are, if or how quickly I plan to do the place up or what I plan to do about Council Tax, utilities, etc (assuming its mortgeable in the first place that is, and I've bought some wrecks).

Go for it

40 years is a long time span.  When in those 40 years was the last time you tried to buy a property to move to in a completely different area from where you were living and working with a mortgage?

macman

tealady said:

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

That's not a 'may', it's a 'will'. Some LA's give a discount of up to 50% for a property under renovation, but they are decreasing.

davidmcn

AlexMac said:

This is far less complicated than most replies make out.

I've bought over half a dozen properties as my/our primary residence over the past 40 odd years (ignoring several other second homes and BTLs).

No lender has ever asked me lifestyle or marriage questions, what my career plans are

Did you at any point buy a proposed new primary residence on the other side of the country, a move to which would necessitate jacking in the employment on which the lender has done their due diligence? That's the problem the OP has - they can't both move to the new house (which would be a standard requirement of the mortgage), and keep their current job. Lenders aren't going to offer a mortgage based on an ambition of getting alternative employment somewhere else.

noclaf

Conscious this is not my thread but what if you live in a parents house for whom you are a carer...but need to buy another property as a safety net in case said parents illness (progressive) gets much worse to the extent they need to go into care..and care potentially needs to be funded by sale of their house (your place of residence too). What's the implications for council tax too?