Mortgage For A Second Home
Mortgage For A Second Home - A mortgage for a second home is a niche product that often has different requirements and rates to a mortgage for one’s main home. Owning a second home can be a good way of generating capital to or a solution to working in a distant location. If you have a favourite holiday hotspot, a mortgage for a second home can enable you to have a property to return to and build upon. Although re-mortgaging your primary residence to fund a purchase may be more straight forward, securing a mortgage for a second home can avoid added risk to your main house should you come under financial difficulty.
Many of the potential troubles in securing a mortgage for a second home can be attributed to the current market in general. As lenders have been seeking to remove risk from their portfolios, requirements for obtaining a mortgage for a second home have been less favourable for borrowers. Fortunately, the high interest rates experienced before the credit crunch are unlikely to return for the foreseeable future and this is at least allowing interest only mortgages to be relatively affordable. As interest only loans are a common form of mortgage for a second home this should help this market. However, buyers must be wary of the upward potential on standard variable rate mortgages.
Navigating the mortgage for a second home market can be a stressful and time consuming experience. If you would like to reduce the hassle involved in securing your second home, our team of highly experienced advisers can help. We search the market for deals which suit your particular needs and circumstances. Our knowledge of the mortgage market, combined with our expertise in helping customers secure a mortgage for a second home, enables us to secure the right deal at the right rate for the right client.
If you need any assistance why not speak to one of our Mortgage Advisers by calling 020 77 100 400 or Enquire Online.
If you are looking to obtain a mortgage for a second home, call us today. We look forward to talking to you.