Advice on type of mortgage for second home (live in and rent out)

Curiogal

Hello

Looking to buy a property close to work - stay there during the week and back to current property for the weekend.

I am looking to buy a two bedroom property so I can rent out the other room to a lodger (work colleague). 

I would be able to afford the mortgage on the second property without a lodger, but would prefer to have someone staying at the house when I am away.

What type of mortgage could I get on the second property?  I understand with buy to let mortgages, the landlord cannot live at the property.

Any advice would be much appreciated 😊

MWT

I would talk to a good broker and tell them you intend to have a lodger so they can factor that into the choice of lender.

Should be able to do that on a normal residential mortgage.

Do take a look at the Government 'Rent a Room' scheme so you understand the tax implications and do also let your insurer know so you get the right policy for the house. 

Curiogal

Great! Thanks for the advice MWT :-)

K_S

Curiogal said:

Hello

Looking to buy a property close to work - stay there during the week and back to current property for the weekend.

I am looking to buy a two bedroom property so I can rent out the other room to a lodger (work colleague). 

I would be able to afford the mortgage on the second property without a lodger, but would prefer to have someone staying at the house when I am away.

What type of mortgage could I get on the second property?  I understand with buy to let mortgages, the landlord cannot live at the property.

Any advice would be much appreciated 😊

@curiogal It'll just be a normal residential mortgage, which should be fine as long as your income can support both mortgages as per lender calculations and you have a 15%+ deposit.