YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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If you are buying a second property- and keeping your original home - you have two main options regarding your mortgage:
If you have enough equity 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 be more dependent on the property’s potential rental income rather than your own income. However having a larger deposit may make you eligible for more competitive deals.
If you are buying for a family member some lenders will allow you to have a standard residential mortgage, whilst other be require you to have a buy to let mortgage.
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.
By speaking to one of our experienced advisers we can find you the best solution-get in touch if you need our help.
The Financial Conduct Authority does not regulate some forms of buy to let mortgages and mortgages on non-uk properties.