Friday, July 23, 2010

The Second Home Mortgage

The Second Home Mortgage
• If you plan to let out the house as a If you can release equity from your main home to provide a substantial deposit on your second home, you shouldn't have a problem getting your second home mortgage. who are looking for a low loan-to-value ratio mortgage. • Even in these days of credit crunch there are still a good supply of mortgages available for those who can put down a sizeable deposit - i.e. If you have no mortgage on your main residence it will make it easier to get the second home mortgage - you have a lot more security to offer.

The lender will look at all your outgoings, and will look at any debts secured on your main residence, before deciding whether to grant the mortgage. • A second home mortgage is a mortgage on a property that is not your main residence. Well, there are ways to make it easier to get your second home mortgage. So how are you going to finance your second home? The only snag is that mortgages are harder to get.

What's more, with house prices falling, this is a really good time to go for your second home. And with airlines being hit by the spiralling cost of fuel, having your second home in the UK makes even more sense. With the pound falling steadily against the euro, second homes on the continent have become vastly more expensive. If you are thinking of buying a second home now, the obvious place to buy it is in the UK.

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