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Buying 2nd house to live in - get mortgage or sell 1st house
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SineadH
Posts: 2 Newbie
Hiya,
Hoping someone might have been in a similar situation before and could advise. My fiancee owns his current house mortgage free in Leicester. However, he's been living with me and my parents since lockdown started last year.
Long term we would like to settle in Worcester, another complication being I'm currently at university and graduate in 2023. When the time comes for us to buy a house, if he kept the house in Leicester to rent out, would that affect how much mortgage we could take out to buy a house for ourselves? My course is NHS and I will likely get a job very soon after graduating if not an offer before graduating.
Am I right in thinking due to being a recent graduate we would have to wait until I've been in employment for >6 months before I would be considered for a mortgage?
Or would we just be better off selling his house in Leicester to buy our own house outright and then save the money we would have spent on a mortgage each month?
Sorry for the long story!
Hoping someone might have been in a similar situation before and could advise. My fiancee owns his current house mortgage free in Leicester. However, he's been living with me and my parents since lockdown started last year.
Long term we would like to settle in Worcester, another complication being I'm currently at university and graduate in 2023. When the time comes for us to buy a house, if he kept the house in Leicester to rent out, would that affect how much mortgage we could take out to buy a house for ourselves? My course is NHS and I will likely get a job very soon after graduating if not an offer before graduating.
Am I right in thinking due to being a recent graduate we would have to wait until I've been in employment for >6 months before I would be considered for a mortgage?
Or would we just be better off selling his house in Leicester to buy our own house outright and then save the money we would have spent on a mortgage each month?
Sorry for the long story!
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Comments
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- If the Liecester property is deemed to be "self-financing" (this determination will differ from lender to lender), it should not have a material impact on your affordability to buy a new house to live in.- There are lenders who will consider lending based on an employment contract that is a few months in the future, right after you have joined or right after the first payslip. So that by itself should not stop you from being considered for a mortgage.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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