Second time buyer vs Investor?

happinessfr · 2016-11-12 13:55:59

I have a house now and I would like to get a second house. I will use the second house as a weekend house so am I considered a second time buyer or investor? I need to know because investors have to have 30% deposit whereas second time buyer only need to pay 20% deposit? How would they bank know if you are buying it as an…

12-11-2016 02:55PM

#1

happinessfr

Registered Users, Registered Users 2 Posts: 37 ✭

Join Date: November 2012

Posts: 26

I have a house now and I would like to get a second house.

I will use the second house as a weekend house so am I considered a second time buyer or investor?

I need to know because investors have to have 30% deposit whereas second time buyer only need to pay 20% deposit?

How would they bank know if you are buying it as an investment or second time buyer?

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#2 12-11-2016 06:58PM

holly_johnson

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Join Date: May 2004

Posts: 2070

I bought a second home earlier this year - every bank treated me as an investor, even though I was willing to sign a document committing to never renting it out. Most would only offer a 75% mortgage even though my main home has no mortgage. My advice is to go to the bank you got your mortgage on your main home from. I did that & got 80%, but I was told it was because I got in "just before rules changed".

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