What to do for the best?

stumpysloth

Hi
Stuck thinking about the best way to approach this and would like advice on what others would do.

 Im currently pregnant, due early next year and my partner and I are looking at moving to his hometown soon after the birth, providing all goes well. We would be moving from Scotland to the North of England, I can't really move before the end of February/March in order for my maternity leave to kick in at work.

We both own houses in our hometowns, i will be selling mine but he will be keeping his on for family to live in. The problem we have is that mine can't be sold until I finish work and go on maternity leave. Due to moving and obviously leaving my job after maternity I don't expect to be able to get another mortgage. 

Our plan is for him to remortgage his current house, we could pull out circa £100k this way and this has been approved verbally by his mortgage company already. This would enable us to buy a house in cash (houses are very cheap there) and worry about selling my house later. There should be about £50k equity in my house for improvements later and between us we have about £30k in savings to help with fees etc.

 I know I need to research everything that comes with buying a second house but is this a stupid idea? Ideally we would wait and buy once mine is sold but it would be nice to know the new place is set up and ready before the birth.

Flugelhorn

I have bought houses before selling the original one - much prefer it this way as far less stressful on completion day - have to pay 3% extra stamp duty though and insure both places / pay utilities etc - can get expensive

hazyjo

When you say he's keeping his house on for family to live in, do you mean letting to family? So you'll need a BTL mortgage? They often don't allow letting to family. What % mortgage would you be thinking of? You'll need around 25% deposit for a BTL.

Remember it'll prob take around 3 months to buy a house in England.

Angela_D_3

Advice you probably won’t heed but I did exactly what you’re proposing  20 years ago and boy do I regret it.  Keep your house 

stumpysloth

Thanks for the feedback. 
His parents live in the house now as he's always away for work. He has an agreement with them that they stay there rent free and look after the place. He won't be charging them rent in the future. The plan was to remortgage this house and use the money to buy a second in cash in both our names. He did tell the bank what he was planning to do with the money so they're aware of his family situation and didn't think he'd need a different mortgage type.

While I'd like to keep my own house on I really don't want to become a landlord. 

iwb100

I’m not sure why you can’t sell your house now and use that equity? You run into some huge risks potentially owning three properties. I’d also have thought the extra cash would be helpful, even in a cheap area £100K doesn’t sound much...how long do you want to live in this house?

Socajam

Angela_D_3 said:

Advice you probably won’t heed but I did exactly what you’re proposing  20 years ago and boy do I regret it.  Keep your house 

Thank you
Thought I was the only who thinks like this.
OP: have your ever heard:  God bless the child who has his own
Do some research on here before going any further. I would hate for you to be back on here in say 2 years or more with regret.