Buying a second property

[Old Greg]

You miss the point you numpty. I have had multiple properties for years, but always on BTL mortgages.

BTW

Property for sale in Luton - Flats & Houses for sale in Luton



I'll have a dozen.

FFS MF, sort your tulip out. There was a time when getting a narky post or rep off you was a bit of event - a nice blend of bile and sly wit. Sure, you were always as much pantomime dame as pantomime villain, but you were CUK's premier ****, and that meant something.

But ever since you've got this big shot job, you've just turned into SAS without the wit, and that's really not a great thing to be. All this crap about free champagne and free soft drinks - it's so beneath what you used to be. Now,we all understand that the angry young poet sometimes grows up and moves to a semi in Surbiton, but it doesn't mean we want to read limericks about your new lawnmower. Even your neg reps are poorly written now. So, get a grip man, and tell us about some bird you beat up in the pub car park after she complained about a sub-standard sled you sold her.

[AtW]

FFS MF, sort your tulip out. There was a time when getting a narky post or rep off you was a bit of event - a nice blend of bile and sly wit. Sure, you were always as much pantomime dame as pantomime villain, but you were CUK's premier ****, and that meant something.

But ever since you've got this big shot job, you've just turned into SAS without the wit, and that's really not a great thing to be. All this crap about free champagne and free soft drinks - it's so beneath what you used to be. Now,we all understand that the angry young poet sometimes grows up and moves to a semi in Surbiton, but it doesn't mean we want to read limericks about your new lawnmower. Even your neg reps are poorly written now. So, get a grip man, and tell us about some bird you beat up in the pub car park after she complained about a sub-standard sled you sold her.

He is flying a lot these days and cosmic rays are having this effect on his weak mind.

[scooterscot]

You miss the point you numpty. I have had multiple properties for years, but always on BTL mortgages.

BTW

Property for sale in Luton - Flats & Houses for sale in Luton



I'll have a dozen.

Could you buy a three bed in Edinburgh with your dozen Luton properties?

This one is a snap at £640k

3 bedroom apartment for sale in Simpson Loan, Edinburgh, EH3, EH3

[northernladuk]

Most mortgage providers won't allow a residential mortgage on a property you are not living in generally. I tried this recently and as part of the process you have to declare who is living in it. I could have obviously just lied on the paperwork but my solicitor wouldn't have accepted it as he becomes liable if he then process the paperwork knowing this not to be true. Kinda of a double hoop, you have to lie to the bank but the solicitor won't accept it.

I did have a long chat to freelancer financials and they did find that the Halifax products that are aimed at contractors could be an option because they don't seem to ask who is living in it. If you can afford it on your daily rate they didn't seem to care what happened to it so that could be your way out. Problem is the rates offered by the Halifax as part of the contractor offerings were just as bad as BTL's so I ended up going that way and doing it all above board. There are BTL's out there in the mid 3%'s if you are willing to put the deposit down. The providers offering the 2%'ish residential options were very stringent with criteria around who was living in it. They wanted me to sign saying I would not let it out for a year and that it would not be empty for a certain number of months which kinda catches you out if you wanted to let it or renovate it.

If you can find a solicitor you are happy to lie to then maybe you could get away with it, just have to hope they are sloppy with their credit checks as well though(they do it twice during a mortgage process).

Why do you want to go residential mortgage route? Just to get a better rate?

[AtW]

House is a house, why should mortgage rate be different if you live in it or not? The difference should be covered by appropriate 3rd party insurance that can deal with BTL issues.

[MarillionFan]

Most mortgage providers won't allow a residential mortgage on a property you are not living in generally. I tried this recently and as part of the process you have to declare who is living in it. I could have obviously just lied on the paperwork but my solicitor wouldn't have accepted it as he becomes liable if he then process the paperwork knowing this not to be true. Kinda of a double hoop, you have to lie to the bank but the solicitor won't accept it.

I did have a long chat to freelancer financials and they did find that the Halifax products that are aimed at contractors could be an option because they don't seem to ask who is living in it. If you can afford it on your daily rate they didn't seem to care what happened to it so that could be your way out. Problem is the rates offered by the Halifax as part of the contractor offerings were just as bad as BTL's so I ended up going that way and doing it all above board. There are BTL's out there in the mid 3%'s if you are willing to put the deposit down. The providers offering the 2%'ish residential options were very stringent with criteria around who was living in it. They wanted me to sign saying I would not let it out for a year and that it would not be empty for a certain number of months which kinda catches you out if you wanted to let it or renovate it.

If you can find a solicitor you are happy to lie to then maybe you could get away with it, just have to hope they are sloppy with their credit checks as well though(they do it twice during a mortgage process).

Why do you want to go residential mortgage route? Just to get a better rate?

So actually you're wrong, which is why I didn't post this in Professional as I'm no longer a contractor & knew you'd come steaming in with your big contract johnny big potato clod-hoppers.

It's based on your income, so a mortgage on a secondary property is based on affordability which appears to be around 5.5/6.0 times your salary. You need a LTV of 75% and I found loads of ways to do this evening. This could be considered a second home / holiday home, so along as you can afford the mortgage of both your primary residence and secondary residence coupled with the LTV on the second then it appears this is a goer.

This seems a good link. Have you tried search function?

Ask the mortgage experts - John Charcol

[MarillionFan]

FFS MF, sort your tulip out. There was a time when getting a narky post or rep off you was a bit of event - a nice blend of bile and sly wit. Sure, you were always as much pantomime dame as pantomime villain, but you were CUK's premier ****, and that meant something.

But ever since you've got this big shot job, you've just turned into SAS without the wit, and that's really not a great thing to be. All this crap about free champagne and free soft drinks - it's so beneath what you used to be. Now,we all understand that the angry young poet sometimes grows up and moves to a semi in Surbiton, but it doesn't mean we want to read limericks about your new lawnmower. Even your neg reps are poorly written now. So, get a grip man, and tell us about some bird you beat up in the pub car park after she complained about a sub-standard sled you sold her.

You peasant. Please stick to keeping your mouth shut, invoicing monthly to scrape a wage as an hourly gobtulipe for hire & leave the real business decision making to senior management. Run along, your agent's calling.

[Bacchus]

leave the real business decision making to senior management. Run along, your agent's calling.

Time for your appraisal...now, sit! Good dog. Stay... stay... wait for it... catch the biscuit!

Good boy!

[eek]

So actually you're wrong, which is why I didn't post this in Professional as I'm no longer a contractor & knew you'd come steaming in with your big contract johnny big potato clod-hoppers.

It's based on your income, so a mortgage on a secondary property is based on affordability which appears to be around 5.5/6.0 times your salary. You need a LTV of 75% and I found loads of ways to do this evening. This could be considered a second home / holiday home, so along as you can afford the mortgage of both your primary residence and secondary residence coupled with the LTV on the second then it appears this is a goer.

This seems a good link. Have you tried search function?

Ask the mortgage experts - John Charcol

The only thing you may have a watch out for on the affordability test is the default rates they apply to the loan amount (for instance £50 a month for every £1000 in credit card balance). will you still pass the test if they work on the basis that the interest rate on your current mortgage is 4% rather than 0.75%.

Probably not a biggy but worth asking your broker as he recommands banks...

[Old Greg]

You peasant. Please stick to keeping your mouth shut, invoicing monthly to scrape a wage as an hourly gobtulipe for hire & leave the real business decision making to senior management. Run along, your agent's calling.

Time for your appraisal...now, sit! Good dog. Stay... stay... wait for it... catch the biscuit!

Good boy!

There are dogs and dogs. This is like watching a newly castrated street dog vomiting in post-anaethesia nausea. Never mind, suity will be along to pet him in a moment. It's a sad day right enough.