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Buying a holiday / 2nd home with an interest only mortgage.....
Dorb
Posts: 4 Newbie
I've been wondering about buying a 2nd home now using an interest only mortgage taken out on my existing home. The benefit of this would be that I would have the money up front to buy my 2nd home when I see what I want, and then sell my current home and pay off the mortgage and live in the new home. But is it too big a risk to take out an interest only mortgage now? Has anyone done this?
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Comments
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Unlikely you'll obtain an interest only mortgage to purchase a second residential property.0
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Thrugelmuir, thank you for your comment. What are you basing your reply on? Do you have experience of this scenario, or are you in the mortgage sectors? Thank you 😊0
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