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Can we raise money to buy a holiday home, on our main residence?

Posted on 28 March 2013 by Kerry


Can we raise money to buy a holiday home, on our main residence?

Hi, we are looking at buying a holiday home and want to know the best way to raise the funds - can we increase the mortgage on our home mortgage (LTV is low) or is another product a better idea? Thanks.

Kerry,

Subject to meeting the lenders criteria, then yes you could look to raise the funds on your existing property, either for the full amount, or part of your current home and then do a new mortgage for the balance on the holiday home.

Typically you'll have more choice and better rates if you raise the money on your home, however not everyone is happy to secure the mortgage on their main residence.

If you'd like to have a chat in more detail about your enquiry, then please let me know and I'll arrange a suitable time for one of our consultants to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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