how can I have two properties without going through the 'buy to let' route?

Answer 1

Each individual can have a single 'Principle Private Residence', however you can nominate a new one whenever you like.

When you buy the second property you nominate it as your new PPR (to Inland Revenue). The second Mortgage Company will take into account your outgoings on the first property - and this is where you will find problems - they may well not wish to lend on the second place unless you sell or rent out the first ..

Of course as soon as the first Mortgage Company discovers you have moved out they will want to know what's going on.

You can tell them you are having difficulty selling for the price you want. If your rent the first place out you will have to tell them - they will want you to increase your insurance cover etc. When you come to sell the first place the Inmland Revenue will want you to pay Tax (since they regard it as an investment) = of course you can always move back in again before you sell to reduce the Tax.

To avoid all this you could buy one in your son / daughter (over 18) or partner / sibling / parent's name.

Answer 2

I'm not sure what you mean. I'm not in MD, but here in IN you can buy as many properties as you want as long as you can pay for them. I am assuming you are refering to getting a mortgage with the intent to use the property as an invesment. If this is what you are planning on doing with the property you are legally obligated to disclose that information. But, if you are planning on moving in to the property you can list it as a primary residence even if you currently live somewhere else and still own that one. You can also list it as a second home. I hope that helps. Post more details if I am way off here.

Answer 3

Prove you can pay the payments on each property without a struggle Sharon.