Remortgage for Holiday Home

km0928

I have a mortgage of 35K for next 6 years but have now the oportunity of buying an unfinished holiday home. How likely are the lenders to give out money (about £30000) nowadays. Our house is worth about £150000.

Also I have debts of about 8500 but I have savings for a deposit which would cover this. Would I be better to pay off debts before appying for the mortgage and applying for £8500 more.
Thanks for any advice.

harvey115

You may as well remortgage your existing house to buy your holiday house outright.

km0928

But from the lenders point of view does it make any differnce if I pay off my debts but require a larger amount of loan? Thanks

Thrugelmir

Clear your debts.

Worth reading up on tax treatment of holiday homes. As not attractive as once was.