If you want to buy a Second Residential Home to live in personally or on behalf of another close family member then this is the right video to watch. Mr Payam Azadi expert Mortgage Broker at Niche Advice takes a closer look at lending criteria and mortgage affordability rules for Second Residential Home Mortgages and how they can affect applicants in the short and long term.
There are many reasons why Second Residential Home Mortgages can provide the most appropriate solution. Residential mortgages are normally the most competitively priced and there is no complication of rent receipts as would be the case in Buy-to-lets.
To afford a Second Residential Home Mortgage you will need to have good income. Some Second Residential Home Mortgage Lenders will look at the monthly bills on the main home and Others add both mortgage balances together in their affordability assessments. The end result therefore can be a big disparity between maximum borrowing so its important to get professional guidance.
Importantly running a Second Residential Home will be a drain on your resources and may impact future mortgage affordability should your plans alter, so Applicants need to think ahead in terms of who will be living there and how often.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY,IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.
The content of this Video does NOT constitute giving advice it is purely designed for general information purposes only. The qualification for a mortgage will depend on your own individual circumstances, and your case should be fully discussed with a Professional Mortgage Broker before you apply. Niche Advice are Independent Whole of the Market Mortgage Broker dealing with different types of clients buying properties all across the UK.
Some Buy to let, and commercial mortgages are not regulated by the Financial Conduct Authority.
Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA No: 750263. The Financial Conduct Authority does not regulate Commercial Buy to Lets including some Bridging Loan products.
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