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2nd Mortgage but main residence
DE_612183
Posts: 4,203 Forumite
I'm sure this is not a unique situation.
My friend is working but his wife does not, that has been the situation for a number of years.
The relationship has broken down, he said he wants to carry on paying the mortgage for the family home, and also take out a small mortgage on a flat for himself.
What's the drawbacks of this - I said he may get clobbered for 2nd home for stamp duty, but also as the house his wife lives in is no longer his "main residence" does he need to have a BTL mortgage ( even though he doesn't collect any rent ).
Any useful help I can pass on?
Thanks
My friend is working but his wife does not, that has been the situation for a number of years.
The relationship has broken down, he said he wants to carry on paying the mortgage for the family home, and also take out a small mortgage on a flat for himself.
What's the drawbacks of this - I said he may get clobbered for 2nd home for stamp duty, but also as the house his wife lives in is no longer his "main residence" does he need to have a BTL mortgage ( even though he doesn't collect any rent ).
Any useful help I can pass on?
Thanks
0
Comments
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SDLT surcharge is likely to apply.
It won't be a BTL mortgage if he intends to live in the property. It will be another residential mortgage.I am a mortgage broker. 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.0 -
He won't be living in the family home - but will be paying the mortgage for it0
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not massively relevant. He will need a 2nd residential mortgage to buy a property for him to live in. Thats just what they are called but it will obviously be his main residenceDE_612183 said:He won't be living in the family home - but will be paying the mortgage for it1
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