Mortgages on a second property
If you’re looking to invest in a second property whilst still retaining your existing home, we can help you find the right mortgage for you. Many buyers assume that a second mortgage is easier to obtain but there are often more hoops to jump through and it is always best to seek professional help.
More often than not, people don’t have enough equity in their existing home to remortgage and buy their second property outright. Hence the need for a second mortgage.
What you intend to do with your second property will determine the type of mortgage you will need. Whether you’re looking to keep the property as a second home, or rent it out to a third party, we can find the best deal on the market for you.
need to know…
Lenders can be a little more cautious when it comes to second home mortgages and it’s likely that you will need a bigger deposit than you did with your first mortgage. The process can be a little trickier too as not all lenders provide second mortgages. However, we can still find you great deals as long as you can prove that your income will cover both mortgage repayments. It’s worth considering too that second home mortgages often come with higher interest rates.
Buying to let
If you are planning on renting out your second property then you will need a buy to let mortgage. Unlike a traditional mortgage, how much you can borrow is determined by the property’s potential rental income, rather than your own. It is still advantageous to have a decent sized deposit when buying a second property with the intention of renting it out, as you can get more competitive deals.
A HELPING HAND
Finding a mortgage for a second property, whatever your intentions, couldn’t be simpler with the help of TaylorMade. Our expert advisers can ensure that you get the best deal possible and that the whole process is as smooth as can be.
Contact one of our advisers to get started today.
Our online mortgage calculators have been designed to help you with the most common mortgage questions such as ‘how much can I borrow?’ and ‘how much will it cost?’
To get a more accurate idea we recommend that you speak to one of our expert mortgage advisers.
A fixed rate mortgage charges a set rate of interest for a predetermined period. Once this period is over, the interest rate usually revers to the lender’s Standard Variable Rate (SVR).
Trackers are a type of variable rate mortgage which see interest rates rising and falling based on the Bank of England’s base rate. However, unlike traditional variable rate mortgages, a tracker mortgage doesn’t have to match the Bank of England’s rate exactly. Instead, the rate the borrower is charged is likely to be a little above the base rate.
An offset mortgage links the borrower’s savings to their mortgage balance. By choosing an offset mortgage, homeowners can reduce the amount of interest charged and potentially pay off the mortgage sooner.
A cashback mortgage pays the borrower an upfront lump sum. This can enable them to pay for a costly expense such as home furnishings, a car or university tuition fees. The rate paid tends to be based on the bank's Standard Variable Rate (SVR).
A discount rate mortgage offers borrowers a reduction on the lender’s Standard Variable Rate (SVR) for a set period of time. The rate can fluctuate and so although the borrower will repay less than the SVR, their repayments could rise or fall.
A variable rate mortgage sees the interest owed rise or fall depending on the base rates set by the bank. When the base rate is low, borrowers may benefit from extremely low mortgage repayments. However, if the base rate increases, so too will the amount borrowers are expected to pay in interest.
When a homeowner has an interest only mortgage, they won’t pay traditional mortgage payments each month. Instead, they’ll only repay the interest that is due. At the end of the mortgage term, the homeowner will be expected to pay the property’s value in full.
A capped rate mortgage offers similar security to a fixed rate mortgage. The rate payable will be capped for the duration of an agreed upon period of time. During this time, the rate may rise or fall in line with market fluctuations, but it will never exceed the capped rate.
As a result, a capped rate mortgage enables borrowers to benefit from falling rates without placing strain on their budget as a result of unaffordable increases.
We conduct a thorough and obligation free financial review to ensure our services are appropriate for you.
We provide a face to face meeting, to take you through the best options for you, in the comfort of your own home.
We aim to support the Financial Conduct Authority initiative of ‘Treating Customers Fairly’ at all times.
We provide you with all the information that you need to make a decisive and informed decision.
With access to a comprehensive range of first charge mortgages and protection, we can deliver a complete range of flexible mortgage solutions to fit your exact requirements.
We provide our clients with an ongoing service by conducting an annual review to ensure that their current mortgage arrangements still suit their needs.
Our comprehensive service includes an initial no obligation consultation, professional advice and recommendation, help with legal paperwork and an annual review for every customer.
All of our advisers are helpful, courteous and ready to listen at all times.
Talk to us
If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you.
Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: http://financial-ombudsman.org.uk
Your mortgage will be secured against your property.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgages we can be paid by commission, or a fee of usually 1% of the loan amount.
TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority.
The Financial Conduct Authority does not regulate Will Writing and some aspects of estate planning. Buy-to-Let Mortgages and Secured Loans.
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.