If you are looking to purchase a holiday home in the UK or aboard you may need a second mortgage. Second mortgages can be the same as any other mortgage. The only difference being you may need a large deposit than a normal mortgage. The usual amount is at least 15%.

If you are looking to purchase the property aboard the mortgage company will need to have offices and license in that country. The EU area base rate is a lot lower than the UK’s so the mortgages will be a lot less than if it was in the UK. You still need to watch the interest rates as the EU base rate can also go up. Most people look to take out a interest only mortgage on a second home.

If you are planning to rent the property out to paying guests you will need to inform the mortgage company of this.

Type Of Mortgages