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    • rugbydazzla
    • By rugbydazzla 13th Jun 17, 2:49 PM
    • 3Posts
    • 0Thanks
    • #1
    • 13th Jun 17, 2:49 PM
    (re-)Mortgage 13th Jun 17 at 2:49 PM

    I have an unusual set of circumstances that seem to leave me a bit high-and-dry.

    I bought my first property a few years ago. Since then, I have moved into a property owned by my fiance. This is in another city. I kept my property and at the time a friend needed a place to live so I got 'permission to let' from the lender to cover the time he rented the place from me.

    During this time, my fix ended and I was stuck on an expensive SVR.

    My friend is now vacating my property and I am trying to work out my options.

    I wanted to treat the property as a "holiday home" - i.e. one that I would use at least monthly to visit family/friends/the city. If possible, I'd also like to do some casual holiday letting (such as airbnb) to help generate a bit of extra income but I wouldn't be dependant on this income.

    LTV is approx 85% and I have a decent salary of approx. 50k.

    I had read an article online which made it seem like I had some options where a "second home" could also be used for short term lets for up to 18 weeks with Halifax/Lloyds/Nationwide. But after explaining my circumstances to Nationwide, and going through full application with them, the underwriters turned down my application on basis that I couldn't "prove residential intention" which was pretty frustrating!

    Does anyone have any advice? Particularly keen to understand if there is anyone who will lend to me on the basis of a holiday home. It's a bit unusual given that it is my property/home and I technically don't own another home, albeit I live in my fiance's property

Page 1
    • csgohan4
    • By csgohan4 13th Jun 17, 2:57 PM
    • 4,426 Posts
    • 2,776 Thanks
    • #2
    • 13th Jun 17, 2:57 PM
    • #2
    • 13th Jun 17, 2:57 PM
    Sell the house and buy a new home with your Fiancee maybe an option and no LL responsibilities

    Or a Buy to let mortgage and let it out full time

    For holiday letting type, maybe consult a broker
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Thrugelmir
    • By Thrugelmir 13th Jun 17, 5:47 PM
    • 58,458 Posts
    • 51,834 Thanks
    • #3
    • 13th Jun 17, 5:47 PM
    • #3
    • 13th Jun 17, 5:47 PM
    I wanted to treat the property as a "holiday home" - i.e. one that I would use at least monthly to visit family/friends/the city.
    Originally posted by rugbydazzla
    Be cheaper to use a B&B than own a property for occasional monthly use.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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