Second Home
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If you are thinking about buying a Second Home then there is a good chance that you will need a Mortgage.
Buying a second property is possible, however the type of Mortgage will depend on a few factors.
- You buying to rent out. This is a Buy To let and you need to visit our Buy To Let Mortgages section.
- You buying a holiday home to rent out. Then you need to visit our Holiday Let section ( majority of lenders will allow up to 90 days personal use )
However, if you are buying a property for use by your family then you could qualify for a Mortgage
Mortgage rules
If you want to buy a home for a member of your family or to enjoy yourself and have no plans to rent it out, then subject to status you should be able to take out a normal residential mortgage and do a straight forward purchase. Key points to consider
- The lender will need to make sure that you can afford both your current mortgage and the new one- so they will need confirmation of income and expenditure
- The lender will need a good reason for the purchase of the home. Lenders do not want to be lending out money to a buy to let which is disguised as a second home
- You will probably need a larger deposit
The interest rate charged could be higher
Can I get a second Mortgage for Second Home ?
Technically speaking yes, everyone is eligible for a mortgage, but it will depend on your affordability. Lenders will check the following:
- Will your present income service your present Mortgage, debts, and the new Mortgage?
- Your credit file. Do you have a good credit profile ? Any blips will not be allowed.
- The reasons behind your second home purchase has to fit in with the facts i.e. if buying for your parents to live in, they will need to know where they live now and the story behind it.
How to get a Second Home
When you have decided to buy a second property, give us a call to discuss your options. We can help you find a suitable Lender and proceed to obtain you a Agreement in Principle (AIP)
An Agreement in Principle can assist in demonstrating to a vendor your plausibility as a purchaser who can secure the necessary funds.
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our Mortgage Butler service
Help you to collate all of the documents you will need to apply for a mortgage
Complete and submit your application
Handle all the enquiries by the Mortgage Lender
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Work with all the parties to get you to Mortgage completion
Keep in touch with you on a yearly basis and help with your future needs