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I have organised mortgages on several ‘pied a terre’ or homes used for holiday purposes or properties lived in by a family relation in recent months.  I tend to group all of these situations under the second homes mortgage banner.

 

Mortgages on 2nd homes have increased to 90% LTV, where income multiples or affordability calculations can be used, hence if your income is relatively small compared to the two mortgage balances you are anticipating managing it is still worth getting in touch as the mortgage payments to both mortgages may be relatively small given the current low interest rate environment.  Some lenders will treat an existing mortgage like a credit card payment or personal loan commitment when deciding how much to lend you.

I have used the second home mortgages schemes for resolving divorce situations, accomodating grandparents, and children needing residence away from home for university puposes or employment needs.

Note once you have finalised your 2nd home mortgage, you will need to have buildings insurance and so give some thought as to how you will answer the question ‘ will the property be left unoccupied for more than 30 days’ for insurance purposes.

 

 

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Austin Degge


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