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Holiday Home The majority of people who purchase second homes do so for this reason. These are ideal for people who holiday regularly in a particular area and want the flexibility of self-catering at any moment they wish to take a short or long vacation. In the right economy these properties can increase in value, allowing the owner to sell the property in order to provide a cash lump-sum for retirement, or to allow them to move into the property during their retirement in their desired location. Second homes are increasingly popular in areas such as Devon & Cornwall and the Lake District as people can use the homes for holidays and then retire into the area when they cease working. Commuting Home Second homes are popular with people who work away from home during the week and want to live in another area for part of the week to reduce commuting times. Student Home Some parents look to purchase property in university towns to enable their children to have accommodation whilst at university. When the children graduate, the property can either be sold or converted onto a buy-to-let mortgage with another lender so the property can be let out to future students. Retirement home for parents Yes, it makes a change, but second homes are also purchased by the children as a place for their parents to live during retirement. Two of the most popular reasons for obtaining this type of mortgage are:
Points to consider when looking to acquire a second home:
We have access to lenders who, subject to income / pension, will provide high loan to value mortgages or re-mortgages at very competitive mortgage rates for second homes. |
For further information please contact us on
FREEPHONE 0800 587 4229, request a call back,
email, or complete an online enquiry form
The overall cost for comparison is 3.7% APR
The actual rate available depends upon your circumstances.
Ask for a personalised illustration. APR variable and based on a typical case
A FEE MAY BE CHARGED - AN AVERAGE FEE WOULD BE 2.6%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON YOUR MORTGAGE