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Original poster

How do you buy a second house?

29 replies

Katymac · 22/04/2006 20:16

I'm trying to mess arround with the childminding and I've come up with this idea of buying a second house.

If I bought another house for DH and DD to live in and I sort of lived here (in name maybe)

Would that work? Can you live at 2 houses?

How would I get a mortgage for the second house - buy to let? or some other way?

Is there an easy way round it?

OP posts:
zippitippitoes · 22/04/2006 20:19

you can nominate a house as your main residence but i think you can only have a different one from your partner if you're not married..or you are officially separted

Original poster
Katymac · 22/04/2006 20:21

Oh poo - that messes things up - he won't leave me

OP posts:
Original poster
Katymac · 22/04/2006 20:25

Is that not an acceptable swear word on MN?

I like it lots bt it may offend somepeople?

Hmmmm

OP posts:
RTKangaMummy · 22/04/2006 20:30

We have got 2 houses

I don't really understand the question though

My bro has several houses that he lives in and then rents them out

Original poster
Katymac · 22/04/2006 20:32

Well we'd really live in the second house

How do you get a second mortgage?

OP posts:
Wembley · 22/04/2006 20:33

We have two houses too! As Zippi says one of them will need to be your main residence. You only need to get a buy to let if you are going to let it out. If you are going to live there you should be able to get a normal mortgage

RTKangaMummy · 22/04/2006 20:34

We don't have a mortage

Original poster
Katymac · 22/04/2006 20:34

So what happens to the mortgage on the first house?

OP posts:
RTKangaMummy · 22/04/2006 20:35

So are you wanting to let it to yourselves as tenannts?

LIZS · 22/04/2006 20:35

If a house is not your primary residence you get into potential Capital Gains tax issues should you subsequently sell. Perhaps also Council tax/planning permission if it becomes purely a business address. Think you could get a second mortgage but presumably you are self employed which may make it more tricky proving your income for one in the first place.

Original poster
Katymac · 22/04/2006 20:36

I didn't think you were allowed 2 mortgages

OP posts:
Original poster
Katymac · 22/04/2006 20:37

Thanks Lizs that's useful

Can DH live at one and me live at the other - or is what Zippitippitoes right and we can't live separately unles we separate?

OP posts:
RTKangaMummy · 22/04/2006 20:37

How will you make the repayments?

So why do you want to leave the nutty house?

Wembley · 22/04/2006 20:38

You can have as many mortgages as you can afford!

Original poster
Katymac · 22/04/2006 20:38

BTW - we already have planning permission to run a business here and I hope that someone would still live here and maybe pay some rent (upstirs - we could make it self contained very easily)

OP posts:
bubblerock · 22/04/2006 20:38

If it's going to be used soley as a commercial property it may affect the mortgage though also being empty overnight may have implications. Have you thought about leasing somewhere to run your childminding/nursery?

Original poster
Katymac · 22/04/2006 20:39

RTKM - I need more C/ming space

And DH is a bit pissed off with minding atm

OP posts:
RTKangaMummy · 22/04/2006 20:41

oooooh I see now Blush

So nutty one would be for CM and live in other one

Sounds a deffo brill idea

Is there one close by to WC ?

Original poster
Katymac · 22/04/2006 20:51

Well maybe - but it's quite confusing

with OFSTED and everything?

OP posts:
bambi06 · 22/04/2006 21:03

you can release equity on your present property for a deposit on your next one and get a buy to let mortgage or just a normal mortgage it doesnt matter although if you get an interest only mortgage the repayments are cheaper as you are only paying interest but have to pay back whole amount you`ve borrowed in x amount of years but of course you will also have made money on the property when you come to sell as well.

RTKangaMummy · 22/04/2006 21:06

Why should it matter to them?

As long as you live there part of the time

Perhaps make 1 flat to rent out with separate entrance etc

and then living area for you to live in too part of the time {sort of week nights} and weekends for the other one

They don't care about ours but it is 100 miles away

Original poster
Katymac · 22/04/2006 21:09

Do you think so

I thought you had to live in the childminding house?

I could release some equilty in this house

No it won't work I couldn't borrow enough

My income is too low for both mortgages - back to the drawing board

OP posts:
RTKangaMummy · 22/04/2006 21:11

But if you live there mon - fri then it will be ok

weekends in other house

Original poster
Katymac · 22/04/2006 21:12

Never mind RTKM - no moneySad

OP posts:
RTKangaMummy · 22/04/2006 21:14

oke doke

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