Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • helpful07
    • By helpful07 8th Oct 16, 9:55 AM
    • 41Posts
    • 21Thanks
    helpful07
    Buying a second home with my partner
    • #1
    • 8th Oct 16, 9:55 AM
    Buying a second home with my partner 8th Oct 16 at 9:55 AM
    Hi.

    I'm looking for some advice on what I need to consider financially when buying a second home with my partner. I own (mortgaged) my current home but she has never owned a property. What are the financial implications?
Page 1
    • tlc678910
    • By tlc678910 8th Oct 16, 7:41 PM
    • 522 Posts
    • 896 Thanks
    tlc678910
    • #2
    • 8th Oct 16, 7:41 PM
    • #2
    • 8th Oct 16, 7:41 PM
    Hi,
    If you are going to be buying a property together and keeping your original property, you will need to pay an additional 3% stamp duty (as you will then own two properties).

    If one of your homes will be empty keep in mind that many councils now require 100% council tax for empty properties.

    Will you be letting one of the properties. Lots of financial implications to this.
    • Thrugelmir
    • By Thrugelmir 8th Oct 16, 9:37 PM
    • 58,462 Posts
    • 51,837 Thanks
    Thrugelmir
    • #3
    • 8th Oct 16, 9:37 PM
    • #3
    • 8th Oct 16, 9:37 PM
    The existing mortgaged property will impact affordability calculations. As the lender will consider the potential effects if the property is generating no income.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • bscjapan
    • By bscjapan 9th Oct 16, 11:10 AM
    • 2 Posts
    • 0 Thanks
    bscjapan
    • #4
    • 9th Oct 16, 11:10 AM
    Depends on your income
    • #4
    • 9th Oct 16, 11:10 AM
    I bought my first property at 21, and my second recently at 31, trying to buy one every ten years, both mortgaged, by myself. One reason is my income is sufficient to do so, and secondly I always have a decent sized deposit, at least 20%. Banks ideally want 25% if you are buying to let. Depends on your aims too.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

21Posts Today

3,426Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin