There are a lot of good second property mortgage deals out there, as long as you know what you're looking for and where to look. Working with a specialist broker is by far the best way to get the best deal on your second mortgage. A broker knows everything there is to know about second home mortgages and can help you find the best deal for your needs.
When looking for the best second property mortgage offers, you will need to know why you are buying the property. The type of mortgage will depend on whether you plan to rent the property out or use it as a vacation home for yourself.
The insurance you'll need to cover your second property is also different. If you're going to rent it out, you'll need landlord insurance to protect both yourself and your tenants. If you want a buy-to-let mortgage, you have to meet certain requirements. For example, the property has to be fully furnished, it has to be available for rent at least 140 days a year, and you have to rent it out for at least 70 days in a certain amount of time. Of course, you can talk to your broker about this to make sure you get the best mortgage deal.
Lenders figure out the mortgage based on a number of things. For example, if the property is going to be rented out as a vacation home, the lender will want to know that it is in a place that will attract renters. When you get a holiday let mortgage, one of the most important things the lender looks at is whether or not the rent will cover about 130% of the mortgage. If you only want a second mortgage on your home, your income will be the most important factor.
No matter what kind of property and mortgage you want, the best way to get the best deals on a second property mortgage is to go to a specialist broker and ask for advice. Even though you will have to pay for the broker's services, if you consider that they know how to find the best deals and give the best advice, you could save money in the long run if you make a big mistake by going it alone.
