Main Residence and Holiday Home

Posted on 21 March 2011 by Heather Gordon

We currently own a holiday home and no other property. We would like to buy another property now as our main home, can we do this and if so how do we go about it?


There is no reason why you should not be able to buy another property to use as your main residence so long as you can afford any new and/or existing mortgage you have.

It is usual for Lenders to require that your income supports both mortgages though they differ in how they calculate this. Some will just add the two debts together and check your earned income covers the total debt, whereas others will deduct the monthly payment for the holiday home as a commitment and then use your net earned income to check you can afford the new residential mortgage.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.