The key to being able to be granted a second mortgage is again based on standard residential borrowing requirements in that the property needs to be used solely for your family and not be used for any business or investment purposes.
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.
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