Specialist Mortgages
Second Home Mortgages
There are several reasons why people desire second homes. Historically the most common reason is for someone who lives out of the city to have a second home in the city that they reside in during the week, however, since the Covid-19 pandemic many people have reassessed their living arrangements and demand for coastal and countryside second homes has soared.
The underwriting process for second home mortgages is complex and most second home borrowers will need to utilise the services of an experienced broker. The expert team of advisors at Jordan Lynch have been arranging second home mortgages since 2006 and know which lenders criteria suits each individual client’s circumstances. In instances where mainstream lenders will not provide the desired mortgage, we utilise our contacts with specialist lenders and private banks to create a bespoke mortgage facility.
Are you thinking of buying a second home?
If yes, then it is highly likely that you will need a mortgage to fund the purchase. Mortgages on second homes are provided by the same lenders that offer mortgages on main residences, however, the underwriting process is more stringent as the lender has to ensure that the borrower can afford the commitments of both mortgages.
Can I rent out my second home?
If you intend to buy a holiday home purely for personal use then you should be able to take out a residential ‘second home’ mortgage, however, if you plan to rent out the holiday home, then a ‘holiday let’ mortgage is the appropriate solution.