Second home mortgages

Second home mortgages do what they say on the tin - they provide a mortgage on a second home.

Of course for many getting a single mortgage is hard enough on one property, but once you are on the property ladder many have taken advantage of an increase in the value of their home over the year and therefore are in the enviable position to consider buying a second home, and when they do in most cases they will need to get a mortgage on that house, unless of course they are in the even more enviable position of being able to purchase it outright!

Many people also decide to put their money for future years into property because their pension fund is ruined or they simply don't trust pensions; so again these people may well need a second home mortgage.

Whether or not you will be eligible for a second mortgage depends on the first mortgage, your financial situation and also the provider and what risk they are willing to take. If you already have a large mortgage on the first home then of course it might be that a lender is reluctant or even refuses a second mortgages.

When it comes to taking one out, the lender will look at your liabilities as it will need to decide if you have sufficient moneys at hand to cover the cost - remember that many struggle to cover one mortgage so they are understandably reticent about having two mortgages!

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Second home mortgages

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