We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage for staying + Airb&b?
Smegasaurus
Posts: 28 Forumite
Hi all.
Everyone has always been so knowledgeable on here before so I'm going to try again. I'm exploring some options at the moment.
Me and my partner are looking to buy/move on to some more star housing. One option is that my partners buisness builds him a house to live in (and I then live there too). This comes with 2 potential issues. 1. The area is a bit far out for when I'm on call for work so I would have to find alternate accommodation for those nights and 2. I feel very vulnerable as I've no ownership and he could kick me out (relationship v good but I need to have a back up plan)
One option is for the buisness to build him a house and I buy a small studio type thing in the area I'm allowed in. I would be looking at about 50k mortgage + 30k deposit.
The questions:
How does the mortgage company view it if it wouldnt be my primary residence but I dont own another house?
Would I be allowed to rent it when not using it? I'd only be staying there 1 night a week every other week and odd weekends I was thinking I could let it some of the rest of the time as I live in a holiday destination. Is this even possible?
This is just a thought atm but any info on what I'd need ot if it's a total non starter would be ace.
Everyone has always been so knowledgeable on here before so I'm going to try again. I'm exploring some options at the moment.
Me and my partner are looking to buy/move on to some more star housing. One option is that my partners buisness builds him a house to live in (and I then live there too). This comes with 2 potential issues. 1. The area is a bit far out for when I'm on call for work so I would have to find alternate accommodation for those nights and 2. I feel very vulnerable as I've no ownership and he could kick me out (relationship v good but I need to have a back up plan)
One option is for the buisness to build him a house and I buy a small studio type thing in the area I'm allowed in. I would be looking at about 50k mortgage + 30k deposit.
The questions:
How does the mortgage company view it if it wouldnt be my primary residence but I dont own another house?
Would I be allowed to rent it when not using it? I'd only be staying there 1 night a week every other week and odd weekends I was thinking I could let it some of the rest of the time as I live in a holiday destination. Is this even possible?
This is just a thought atm but any info on what I'd need ot if it's a total non starter would be ace.
0
Comments
-
You can get mortgages for holiday homes, but I think options are going to be restricted if you don't own another property.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards