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Buying a second home
Neelfittons
Posts: 4 Newbie
My ex is buying a house but staying on the deeds for the house we shared (until I sell). What costs does he have to factor in when buying a second home. We know the stamp duty Iis a lot more, anything else???
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Comments
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That he will need to get a mortgage based on the fact that he is already got one. Doesn't matter if he isn't actually paying the mortgage if his name is on the deeds it's also on the mortgage and therefore makes him more of a risk to a bank. Might put him onto a higher interest rate as a result (backwards thinking on the part of the bank really)
Not sure what his CGT status will be for the house being sold if he's living elsewhere, possibly it will be ok depending on when he actually left.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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one assumes you are not legally married to him and therefore the rules re a divorce do not apply?0
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Not married and there is no mortgage on the property. When i sell the house, I'll go on to buy another house, but he will just take his share of the 50/50 proceeds (and pay the mortgage off he took out to buy house#2)0
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He has a mortgage agreed for a second home, that's all sorted.0
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Is there an early redemption charge if he pays off the mortgage so soon after taking it out? Might be cheaper to wait until your property sells.
Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0
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