Mortgage on Second Property

Northtim

Our family spend a lot of time on the coast and am looking at possibly buying a second property over there. I can put a deposit together of 25% on the second property.

Althought I have equity in my current house that I could use to purchase the second property, I am reluctant to do that as am on a cracking base rate tracker deal. My preference would therefore be to take a 75% mortgage on second property.

Mt current lender will only lend on principal residence. Has anyone any tips of lenders who do best deals on second properties.

I realise that mortgage on second property may be at a premium such that I may still be better off leaving the tracker rate I have, but need to get some more info so I can do the sums.

Thanks for any help.

Comyface

I know Halifax do Second Home Loans, (25% deposit minimum) and the interest rates available are the same as normal (residential) mortgages.

Obv you'd need enough income to cover both mortgages, worth asking them?

herbiesjp

Indeed.

If it is a second home, some lenders will be able to help, and offer standard rates to you.

Only "drawback" is that your income will need to be high enough to support both mortgages and any other debts you may have

Do you have a clean credit history?