• Let To Buy

    By Guest on 29th Jan 2020

    I am hoping to downsize and purchase a property in Southsea, Portsmouth using the equity in my current home in Bishops Waltham, Hants, to apply for a mortgage to purchase a flat. I have no mortgage on my current home. A mortgage broker has told me that in the UK you cannot have two residential properties. Is this the case? Secondly, my (26 year old) son has changed jobs and wants to live in my current home (in Bishops Waltham) and save up for a deposit to buy his own place. His new job is in Southampton and it would be impractical for him to commute from Southsea to central Southampton. I have in principal been offered a mortgage so I can buy a flat in Southsea, as I will be renting out my house in Bishops Waltham to my son. As he is trying to save, is there anything to say I have to rent my house to him at the market rent, or can I charge him less? I can afford the mortgage repayments using my salary and the pension I am receiving from Hants County Council without using any rental income.

  • 1 Answers

    By Guest on 31/01/2020

    You may wish to check with another mortgage broker like Vincent Burch on 01603 926 610. My understanding is you can own as many residential properties as you wish, though I would always advise you check with a mortgage specialist such as Vincent Burch with regard to mortgage mechanics. It can be difficult to rent to family with a mortgage. The two main types of standard mortgage are buy to let (which prohibits renting to family in most cases) and residential (which requires you to reside there yourself). Again, speak with Vincent for advice. If you need a conveyancer I have a recommendation for that as well 

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