Second Home Mortgages
A LOT OF PEOPLE LIKE THE IDEA OF A SECOND PROPERTY BUT A SIMILAR AMOUNT DON’T KNOW HOW TO GET A SECOND MORTGAGE AND DOING IT ON YOUR OWN MAY FEEL A BIT OVERWHELMING
As experts, we streamline the entire process for you and take all the stress away from getting a second residential mortgage. Your main home will always be your castle, the first real place you called home and often the place where your family really started to take shape. Sometimes however, you may find yourself wanting a change of scenery. Whether that means uprooting, selling your home, and moving the family across the country or more increasingly looking at getting a second mortgage to buy another house as your home away from home.
The good news is that with a specialist mortgage broker like Bespoke Money, the process of getting a second residential mortgage is easier than you think. As part of the process, you will have a one-on-one appointment with your own dedicated mortgage advisor who will look at all your options to make sure that you secure a mortgage for a second home in the most cost effective and sensible way possible. Your advisor and your administration team will be with you every step of the way to answer any questions you have and to keep you updated at each stage of the 2nd home mortgage application.
HOW DOES A SECOND MORTGAGE WORK?
There are a few routes you can go down when looking at getting a second property mortgage and we will help you to discover the perfect one. If you decide to keep your main residence and get a new separate mortgage on another property, then you will have two mortgages that run alongside each other, and you will be expected to pay both per month.
Mortgage lenders who offer second home mortgages will determine how much they will be willing to lend you for your second house mortgage by considering things like your current residential mortgage payments and monthly property running costs as monthly commitments.
When buying a second home, you’ll also be liable to paying an extra amount of stamp duty on top of the standard amount that you’ll need to discuss with a legal professional.
WHAT OTHER SERVICES TO DO WE OFFER WHEN GETTING A SECOND MORTGAGE?
As part of the second home mortgage requirements, you’ll need to consider some insurances, some of which we can help with in house such as life insurances and some which we can suggest through trusted insurance partners that come highly recommended.
With the added commitment of a 2nd mortgage and a 2nd property in your portfolio, making sure your insurances are all in order is a priority that we are happy to help with.
Think carefully about securing other debts against your home or property. Your home or property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.