Mortgage query re a possible second home

tracyk23

I am seeking some mortgage type advise please. Long story short, my partner has been renting a small property for 5 years.

The landlord now wants to sell. It needs a lot of work done to it.

It could be a good investment for me/us, if we could negotiate a good price.

I have a very small, fixed rate, mortgage on my current home, so plenty of capital. Can I release some funds and pay cash for the rental property?

Could I go as guarantor for a mortgage for my partner as he will be a first time buyer (hes always been self employed) and wouldn't be classed as a 2nd home (as it would for me I believe?)

Or any other scenarios ?

Thanks in advance.

FlorayG

Does your partner live in it? Does he intend to live in it once it's mortgaged? this will affect any answers you get

tracyk23

Yes he is living in it and will continue to live in it for the forseeable.

FlorayG

Hmmm...so if you buy it, it becomes a second property ( not a second home) and he becomes your tenant and you his landlord I would expect. It's only a second home if nobody else lives there permanently