If I bought a flat now, and then buy a family house with my boyfriend in a few years time, will we be disadvantaged?

Posted on 23 July 2013 by Emily


My boyfriend has started saving a deposit. However I have seen a smaller flat which I could afford right now. It is £105,000.  If I were to buy it ( I have more deposit than my boyfriend), how would this affect us in 2-3 years time if I then wanted to buy a family home with my boyfriend, he would be a first time buyer, I would have this flat already. I could move onto a buy-to-let mortgage and let it? Would it disadvantage us at all with regard to obtaining a mortgage together? Thanks, E

Emily

It's diffiucult to see where you would be disadvantaged in buying the flat now, then renting it out on a Buy To Let mortgage when you buy a joint home with your boyfriend. There are very few preferential deals out there that are currently for First Time Buyers only, with the majority of lenders having their products open to all buuyers.

If the flat were to apprecaite in value then it might be that you would be able to release some additional equity which in turn might mean you could either put down a bigger deposit, or buy a slightly better property.

If you'd like to, then I can arrange for you to talk to one of our consultants, who can go through your proposal in more detail and answer any other questions you might have.

Regards,

Simon

simon.collins@johncharcol.co.uk

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