Whether you are buying a second property to use as a vacation home or to turn into a holiday buy-to-let business, you will need to do things the right way to get the best second property mortgage deals.
There are good deals on second homes out there, but you could waste a lot of time looking in the wrong places if you don't know what you're doing. If you want to find the best second property mortgage deals, it's much easier to work with an expert in the field. A specialist broker can save you a lot of time, money, and stress because they know where to look to find the best deal.
When you buy a second home, there are many things to think about, and the mortgage for your new home is just one of them. A mortgage for a second home can be very different from a mortgage for your main home. When it comes to the mortgage, you'll have to decide if you want to start a "buy-to-let" business, because a mortgage for a "buy-to-let" business depends on different things.
For example, you will have to show that the property meets the requirements for a buy-to-let, which means that it is fully furnished and available for rent 140 days out of the year. You will also have to show the lender that your tenants will pay about 130% of the mortgage. Your broker will have talked about this with you and will know what to look for when putting together the best deals on second homes for you to consider.
To get the best deal on your mortgage, you should have thought about where the house is. If the lender doesn't think you have a choice about where the house is, they will be hesitant to give you a mortgage.
One of the rules is that you should expect the rent to cover about 130% of the mortgage. If you want the best deals on a second property mortgage, you should work with a specialist broker.
