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Hi, i'm looking at purchasing a second home, in the south of the country (probably Cornwall or Devon) mainly to use for family holidays, but possibly to let out occasionally. what is the current status of the mortgage market for second/holiday homes in the uk and where is the best place to look for such finance, I am looking to spend somewhere around £250-£300k region? Also, do you think it would make more financial sense to look for a building plot and self build a second home? Thank you and I look forward to your responses.
david wilton
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| Posted: 06 Apr 2009 14:45 Back to top |
Kate Faulkner
Posts:70
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The mortgage market at the moment is typically fine if you are able to raise anything from 25% to 40% deposit. Anything less than this and the number of mortgages you can access will be a lot less and as a result less competitive.
We would strongly suggest that you seek advice from an Independent Financial Advisor and you can find companies we know here: http://www.designsonproperty.co.uk/categories/20080815_5.
Also with regard to building, this typically makes sense as most self builds are worth 30% more than they cost to build once finished. However in rural areas, you need to check how much the cost of the land will be and if the local authority has/will grant planning permission. Just to help as research, why not visit our Build section: http://www.designsonproperty.co.uk/categories/20080125_9 . For any further help, feel free to call us on 0845 838 1763.
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| Posted: 27 Apr 2009 09:33 Back to top |