In the main, you need to be able to evidence that you can afford a second residential mortgage and all current borrowing and commitments will be factored into any mortgage application. Your finances will be scrutinised as well as the reason for obtaining a second residential mortgage so it is important to seek good quality advise from a fully qualified mortgage broker.
Why would you be looking at a second home?
There are various reasons why someone would look to purchase a second home.
- They may be looking to purchase a property for a close relative to live in
- They may be looking for a holiday home that their family can use
- They may be separation or divorce involved and need an additional property
- They may need a bolt hole for work purposes e.g. main home in the country but work in London during the week.