Frequently Asked Questions
What is a second home mortgage?
A second home mortgage is very similar to the mortgage for your main residence and is used to buy a holiday home for your family and friends to enjoy.
Depending on the lender you will be able to choose variable, fixed and tracker interest rates. There are quite a few lenders to choose from and as independent brokers we can help select the one that’s right for you.
The new loan can be set up for a sensible term as a repayment or interest only.
Second home mortgage deposits tend to be higher than for residential mortgages so budget for 15-20% which equates to a mortgage loan to value of 85%-80%.
Useful pages:
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