Second Home Mortgage

Second home mortgages provide an opportunity for individuals to own a holiday property or investment property. Before pursuing a second home mortgage, it’s crucial to evaluate the financial implications, including costs, risks, and potential returns.

How Can We Help?

Expert Guidance

Our team of mortgage experts understands the complexities of second home mortgages – making sure we help you get the most suitable product to meet your financial goals.

Extensive Panel of Lenders

We’re not tied to any particular lender, so we’re only interested in getting you the most suitable product for your circumstances – not sales targets!

Modern & Streamlined Process

We know you’re busy so our process makes securing a mortgage as quick and easy as possible, using the latest technology and evening/weekend appointments to suit you.

What Do People Say About Us?

The Financial Guys Process

A second home mortgage is a loan specifically taken out to purchase a second property, typically used as a holiday home or an investment property. However, it’s essential to understand the specific requirements, benefits, and risks associated with second home mortgages. We put the essential steps in place for you to obtain a second home mortgage, tailored to your specific needs.

Assess Your Financial Situation

Evaluate your finances

  • Check Credit Score: Ensure you have a good credit rating.
  • Income Assessment: Determine your total income, including any other rental income.
  • Deposit Availability: Ensure you have a deposit of at least 20-40% of the property value.
  • Affordability: Calculate how much you can afford to borrow, considering the potential rental income and personal financial commitments.

Mortgage Pre-Qualification

Pre-Qualification Process: We contact potential lenders to get pre-qualified for a second home mortgage. Providing basic financial information, such as your income, assets, debts, and credit score. Pre-qualification gives you an estimate of how much you can borrow and helps you set a realistic budget.

Find a Suitable Property

Search for a second home property that meets your needs and budget. Consider factors such as location, property type (e.g., holiday home, investment property), amenities, and potential rental income (if applicable).

We Hold Your Hand Every Step Of The Way

Navigating the home-buying process can be daunting, but with our comprehensive financial service, you’re never alone. We hold your hand every step of the way, providing expert guidance and support until you get your keys.

Start Today – Book A No Obligation Chat

Our 15 minute initial chat allows us to assess the best way to help you and to answer any questions you have about buy to let mortgages.

About Us

At The Financial Guys, our mission is to help you achieve financial security and peace of mind. We understand that every client’s financial situation is different, and we pride ourselves on offering personalised advice that aligns with your individual goals and circumstances.

As a family-run business, we infuse our family values into every decision we make. This approach ensures that our clients remain at the heart of everything we do, enabling us to consistently deliver outstanding customer experience. Together, we strive to achieve the best possible outcomes for each and every one of our clients. In essence, we’re one big family working together to support and uplift our clients.

Disclaimer

Your property may be repossessed if you do not keep up repayments on your mortgage. The Financial Guys fees are payable on application. We may charge a broker fee of up to £695 depending on the nature/amount of work involved.

Frequently Asked Questions

What is a second home mortgage?

A second home mortgage is a loan taken out to purchase a second property, which is not your primary residence. This property can be used as a vacation home, rental property, or for other purposes.

How is a second home mortgage different from a primary residence mortgage?

Second home mortgages typically have higher interest rates and down payment requirements than primary residence mortgages. Lenders view second homes as higher risk because owners are more likely to default on payments for a second property in times of financial difficulty.

What are the down payment requirements for a second home mortgage?

Lenders usually require a down payment of 10% to 30% of the property’s purchase price for a second home mortgage. The exact amount depends on factors such as the lender’s policies, the borrower’s financial profile, and the type of property.

Are interest rates higher for second home mortgages?

Yes, interest rates for second home mortgages are often slightly higher compared to primary residence mortgages. Lenders perceive second homes as a higher risk, which is reflected in the interest rates.

Can I rent out my second home?

Yes, you can rent out your second home to generate rental income. However, some lenders may have restrictions on the percentage of time the property can be rented out, especially if it’s designated as a holiday home.

Can I use a home equity loan to purchase a second home?

Yes, you can use a home equity loan or home equity line of credit (HELOC) from your primary residence to help finance the purchase of a second home. This can be a way to leverage the equity in your primary home, but it adds risk, as your primary home is collateral.

The Financial Guys is a trading name of Platinum Financial Limited which is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

The Financial Conduct Authority does not regulate some forms of Buy to Let. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Contact

  • 0333 012 4574
  • hello@thefinancialguys.co.uk

Opening Hours

Monday
8:00 - 16:00
Tuesday
8:00 - 16:00
Wednesday
8:00 - 16:00
Thursday
8:00 - 16:00
Friday
8:00 - 16:00
Saturday
Closed
Sunday
Closed

Evening and weekend appointments available.

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Registered Address: 30 Benton Road, High Heaton, Newcastle upon Tyne, NE7 7DU

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