Owning a second home or pied-a-terre is becoming increasing popular.
Many of the clients we have arranged second home mortgages for have either bought property to reduce their commute or escape to the country at weekends.
Others have separated from their partners and want to remain close to their family home.
Most borrowers will need to put down a 15% deposit to qualify for a second home mortgage at a competitive interest rate.
Lenders will also expect them to have sufficient income to be able to afford the mortgage on their existing property as well and as their new home.
Sturgess brokers often raise the deposit for our clients' second homes by remortgaging their main residence or investment properties.
Holiday let mortgages
Holiday let mortgages are designed for properties that will be let out on a short-term basis as holiday accommodation.
With staycations on the rise and recent changes to buy-to-let tax rules, holiday lets are often a great way to get a solid return on property investment.
More lenders are offering holiday let mortgages as they compete to attract borrowers to this increasingly busy part of the property market.
Call Sturgess Mortgage Solutions on 01792 399155 and speak to a mortgage specialist.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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