Buying a house, not to live at moment, but no buy to let?

[Rosehip10]

Hi,

I'm considering buying a resonably priced house or flat as a long term investment in an area that I would like to spend time off some weekends etc and eventually to live in later in life. I don't especially want to let it out.

I would continue to rent in outer London, which I cam happy to do.

I have a good deposit (40/50k) but do any mortgages cover such a situation? I know I could get a btl mortgage, but as I say, I'm not buying to rent!

Any advice? Thanks!

Depends on all sorts of things. If you want to use FTB bonuses (e.g. a Help to Buy ISA bonus) you wouldn't be allowed to let it out for 2 years anyway. I suppose you would have to apply for a mortgage with your current rent listed in your expenses. Probably best to get in touch with a broker, failing advice from MNers with more experience!

If its your only property you own just a regular mortgage is fine even if you're not living there all the time

A BTL mortgage would be difficult to get if you don't already have a residential mortgage. You would need a broker to get a residential mortgage as the mortgaged property is meant to be your main home - they might be able to find lenders that would agree to this arrangement.You might need specialist insurers. Money saving expert has a lot of brokers on the forum who can give more specific advice.

I took out an ordinary, residential mortgage to buy a flat which I use at the weekends. The rest of the week, I live in a property provided by my employer. Under the terms of the mortgage, I cannot let the property, but that’s fine because it’s for me.

We’ve just bought a house we absolutely hate & phoned the bank yesterday - they said we can rent it out after 6 months

Not sure if that helps?

You could buy and rent a room out under a standard mortgage agreement I think

Just get a regular mortgage.

Don't forget you will have to pay council tax and getting it insured for a reasonable premium can be tricky.