Is this possible/do-able?

(3 Posts)
PlectrumElectrum Mon 06-Jun-16 00:42:46

I currently have a mortgage on a flat and I'm considering buying a 2nd home. I have about 50% equity in my current flat. The combined mortgages would fall within what I could realistically afford if I was getting a mortgage on one property alone, but I'm really not sure if there are mortgage companies who would be willing to spread that affordability across 2 properties as opposed to on one. I'd also be considering having a relative live in the 2nd property but not charge rent. So I wouldn't have double 'living costs' as such, just 2 mortgages with combined payments within my 'affordability' limit. Is this a nonsense pipe dream or do-able somehow?

lalalonglegs Mon 06-Jun-16 05:28:30

Speak to a mortgage broker. You should be aware that, even if you'ren ot charging rent, you will still be a landlord and therefore will have to conform to all the new regulations - and, potentially, the tax changes.

PlectrumElectrum Tue 07-Jun-16 20:52:27

Thanks, that's helpful.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now