If you have enoughequity
in your first property then you might be able to remortgage
it and release enough money to buy the second property outright.
If this isn’t the case you will need a mortgage for your
second property.
What you intend to use the second property for will influence
the type of mortgage you need.
If you intend to rent the property out you will
need a buy
to let mortgage. How much you can borrow will depend on the
property’s potential rental income rather than your own
income. However having a deposit
will make you eligible for more competitive deals.
If you are purchasing a holiday home for your own use or a home
where you intend to live part of the time you will have to prove
to your mortgage company that your income will cover the mortgage
repayments as well as any outstanding mortgage on your principal
residence (i.e. where you live most of the time).
If you are buying
a property abroad you will either need to find a UK lender
willing to lend on foreign properties or approach mortgage lenders
in the country where you are buying.
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