Mortgage for Holiday Home / Second Home

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What are Holiday Home Mortgages and who are they suitable for?

Holiday Home mortgages are effectively Second Home mortgages, where the borrower is borrowing against a property with the full intention of using it for his/her family for holiday use. A Holiday Home loan is not suitable if the customer intends to commercially let the property.

These are not to be confused with Holiday Let mortgages, where the primary purpose of the purchase is to rent the property to holiday makers. For more about Holiday Let mortgages, click here.

Typical requirements

Typically, your lender will want to make sure that any main residential mortgage you have on the home you live in and your Holiday Home mortgage are both affordable. This will mean assessing the borrower’s earnings against their outgoings.

So, to put it simply, if you have borrowed the most you can afford on your residential loan, you will not be able to further borrow to buy a second or Holiday Home.

Most lenders will set a maximum loan of 75% or 80% of the Holiday Homes value so you will to consider where the deposit is coming from.

How we can help

We specialise in second home and Holiday Home mortgages, and have the experience to help you.

Get in touch today to discuss your situation in more detail.

                                                                                                                                                     

Your home may be repossessed if you do not keep up repayments on your mortgage

There will be a fee for the advice given, the exact amount will depend upon your circumstances but we estimate it we be £250. Complex and sub-prime cases may attract a higher fee which will be typically no more than £395.

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