Buying a Second Home

If you are looking to buy a second home for either you to live in, Holiday let or a Buy to Let we would be happy to help.

Our advisers are experienced in this area and can give you the advice you are looking for.

Speak to our Mortgage Expert

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Buying a Second Home

If you are a homeowner and want to buy a second home for you or your family to live in throughout the year or perhaps you want to buy a property and rent this out long term as an investment – Here we look at this in detail and explore how this can be achieved.

Mortgages on second properties are not always that different from mortgages for you main residence, except that the rate may be slightly higher, and what is available to you may depend on you meeting certain criteria. The type of mortgage you’ll need will depend on what you intend to use the property for.

There are many reasons to purchase a second property. Maybe you want a second property to work from, or to help a family member onto the property ladder, or maybe you would like to purchase a holiday home in your favourite holiday spot in the UK or, perhaps you want to purchase a Buy to Let to receive rental income and make a long term investment.

How to buy a second home for you to live in.

If you are looking to buy a second home, where you would only have yourself and your family using it, you should be able to take out a residential mortgage on the second property. Selected banks and building societies do offer these mortgages. The new mortgage lender would have to assess that you can afford your current mortgage and your new mortgage. Reasons why people buy second homes are:

  • They would like a holiday home that only the family will use.
  • Maybe they need a second place to live due to work commitments.

With these types of mortgages they are available:

  • Up to 85% of the property value.
  • You could purchase these on a repayment or Interest Only basis or potentially Part Repayment and Part Interest Only.

You would not be allowed to rent this property out at all.

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Buying a Second Home FAQ's

What is a second home?
This is a property that you purchase with the intention of it solely being used by your family. People purchase properties as a second home maybe for work commitments or perhaps as a place the family can use as a holiday destination.
Is it harder to get a mortgage on a second home?
Not all lenders provide these types of mortgages and there is additional underwriting assessments done to make sure you can afford your current commitments and also the commitments which come along with owning a second home.
What kind of Mortgage do I need for a second home?
This depends upon what your intensions are for the property. Do you wish to purchase the property and it be solely used by the family? Or do you intend to buy a second property and let it out as a long term investment? The intended use will determine what mortgages are available.
Buying a Second Home
The Money Hub

Product Name: Mortgages

Product Description: Buying a Second Home

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Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.