Escape to your Dream Home
Second Home and Holiday Let Mortgages
Second Home and Holiday Let mortgages are specialised types of home loans that are designed for individuals who want to purchase a second property for either personal use or as an investment property.
A second home mortgage is used to finance the purchase of a property that will be used as a holiday home or a second residence for the homeowner. On the other hand, a Holiday Let mortgage is used to finance the purchase of a property that will be let out to holidaymakers on a short-term basis.
Both types of mortgages have different requirements and eligibility criteria compared to traditional mortgages. Lenders will typically assess the borrower’s income, credit score, and deposit size when determining their eligibility.
Interest rates for second home and holiday let mortgages may be higher than for traditional mortgages due to the increased risk involved. Borrowers may also need to provide evidence of rental income if they plan to let out the property.
It is important for borrowers to work with a mortgage broker who has experience in securing second home and holiday let mortgages, as they can advise on the best lenders, rates, and terms for each individual’s unique circumstances.