Property is one of the fastest-growing industries in the UK right now, because more and more people are buying second homes and getting mortgages for vacation homes. People can get away from the everyday and the stresses of life whenever they want to in their vacation or second homes. But because house prices are so high right now, it can be hard to buy a second home without a second home mortgage.
Holiday home mortgages are harder to get than regular mortgages because many banks and lenders won't give you a second home mortgage if you don't already have a first home mortgage with them. For example, one particular building society will only offer a loan in the form of a further advance on top of the first mortgage instead of second home mortgages. But there are holiday home mortgages out there for people who are willing to look for them.
If a person wants to buy a property abroad, they may be able to get an international holiday home mortgage. Some foreign lenders will often help someone out with their service and experience because they know the problems that can come up when trying to get a second mortgage in that country. They would also be more than happy to help solve problems if they came up. But, on average, their fees are usually higher than those of UK lenders. There are ways and means to find the best deal though, and a specialist holiday home mortgage broker can certainly help you to find the one for you.
You can get a mortgage for a vacation home through UK brokers. This may be the best option if you want to talk to a mortgage advisor in person and be able to reach him or her if you need to. This may put a homeowner's mind at ease and make the process go a little bit more smoothly, though.
