Second Home Mortgages
Over recent time, second homes have become popular due to changes in our lifestyles, which allow us to be more flexible in our living arrangements.
Our clients mainly purchase second homes for either weekend treats in the countryside or a place to stay closer to place of work. However, this could also be for a small flat for their child while in university or if separated from their partner, a place close to their children.
Most lenders will require you to be able to afford both mortgages for both properties, from your personal income along with any related expenses.
We have mostly raised deposits for second home purchases from client's investment properties or if personal income and equity allows, from their main residential home.
Holiday Let Mortgages
Holiday Lets have recently become popular as an alternative to Buy To Let investments due to the rise in staycations after COVID and recent Buy To Let tax changes. Mostly these properties are let out on short term bases and located either in costal villages or in the countryside
Holiday Lets are treated differently by lenders from traditional Buy To Lets, as these need to be rented out with 'Assured Shorthold Tenancy' agreements and Holiday Lets income fluctuates due to seasonal demand.
There is a niche group of lenders who are in the Holiday Let market due to the fluctuating rental income, however as this market is growing more lenders are entering the market and offering holiday let mortgages.
Most Holiday Let Mortgages are not regulated by the Financial Conduct Authority