Mortgage for second home. Is this just a fantasy?

MortgageMamma

Loveka

You have said the holiday let is more about getting a life back after a business failure - yet its a huge financial commitment. Have you considered perhaps spending 30-50k on a motorhome and maybe travelling part of the year in that? it would be a much cheaper option than owning a second home and you can get some quality vehicles these days (no prizes for guessing my retirement plans eh!)

Another option would be to raise capital and have lots of holidays, that way you don't cop for the extra tax/financial commitment, you don't have utilities/theft/damage etc to worry about, you don't need to sell your BTL....and if interest rates go up and you're on a nice long term fix at a low rate you have no immediate worries.

I hope you don't think I am overstepping the mark suggesting this, but back in 2008 I had a client thinking of doing similar and he did the motorhome thing. As its cheap in the long term him and his wife only come back to the UK 6 months a year, I still get postcards from all over the place

AnotherJoe

I think the ideas by MM are great. Personally not a fan of motor homes, you could do B&bs similarly and not have to pack the home up every time you want to sightsee locally for a few hours, but whichever, if it's one of those touring options, or just take lots of holidays, much less of a comitment and hassle than a second house, which BTW absolutely locks you into one place.
If there's a place you really fancy I bet you can get a deal by booking a longer term, say three or four weeks at a time.

MortgageMamma

AnotherJoe wrote: »

I think the ideas by MM are great. Personally not a fan of motor homes, you could do B&bs similarly and not have to pack the home up every time you want to sightsee locally for a few hours, but whichever, if it's one of those touring options, or just take lots of holidays, much less of a comitment and hassle than a second house, which BTW absolutely locks you into one place.
If there's a place you really fancy I bet you can get a deal by booking a longer term, say three or four weeks at a time.

Hi Joe,

have you not seen those little smartcars that attach to the back of motorhomes? they are epic! you just tow them along, park the beast then whizz around in a smart car

AnotherJoe

Absolutely MM, one of those , if you can afford it, is the "dream team combo "

Its the mobile home on its own I think which is often imagined to be 'free and easy' but the reality is that once camped up could be a pain to get around for local sightseeing. At least in the UK, where even out in the countryside you may find height barriers at car parks.

MortgageMamma

AnotherJoe wrote: »

Absolutely MM, one of those , if you can afford it, is the "dream team combo "

Its the mobile home on its own I think which is often imagined to be 'free and easy' but the reality is that once camped up could be a pain to get around for local sightseeing. At least in the UK, where even out in the countryside you may find height barriers at car parks.

Some of the smaller ones that are just for two people are ok, just slightly taller than a caravan. I live rurally so we get a lot of people just parking them in fields etc. Many of the farmers around here welcome campers and motorhomes on their land for a small fee. I've also done a trip like this in the Scottish Highlands, the parking up there is amazing you can go days without seeing a soul its my idea of heaven :rotfl: