1 in 8 plan to buy a Second Home in the next 10 years!
We are pleased to have access to all Second Home Mortgages
According to a study, 12% of homeowners are saving to invest in a second property within the next decade, the majority of these individuals admit they’ve not fully researched the costs associated with doing so, such as potential stamp duty surcharges and the worries of periods of unoccupancy. and we are please to help people fulfill their plans, fill in this brief form here to start the ball rolling.
Those that stated that they were planning on owning a second property within the next decade were asked if they’d begun to fully research who they use to help in financing this, the costs associated with doing so, such as the stamp duty surcharge and the issues surrounding periods of unoccupancy. The majority of these individuals (71%) confessed to researchers that they’d not yet begun to look into the implications and potential drawbacks of owning a second property, but that they planned on doing so within the next year.
Second Property Mortgages Need In Depth Researching!
In order to uncover the areas of the UK with homeowners most likely to want to invest in a second property within the next 10 years, researchers analysed answers to reveal the geographical breakdown of participants, with the number of those looking to purchase another home as follows:
• South East – 16%
• South West - 15%
• Scotland - 12%
• North East - 10%
• London – 9%
• West Midlands - 8%
• East of England -6%
• East Midlands – 6%
• North West – 5%
• Northern Ireland – 4%
• Wales – 4%
• Yorkshire and Humberside – 3%
Not all Second Homes Are Let Out.
With the Buy To Let boom having now died down, due to the governments attempts to stall the growth of this property class, not all second property purchases are now for the purpose of letting - many, many people are buying these second properties for holiday homes, occasional usage and for potential future retirement homes.
The knock on problems that areas of interest to second home buyers is that these areas can become ghost towns at potential off peak times during the year, which is causing chaos to the supply of local government support services. To counter this some local authorities are attempting to discourage an influx of non locals or non permanent resident second home owners.
Buy To Let Mortgages will never die but they have certainly become more complicated thanks to the governments need for so called Portfolio Landlords, people with more than 4 Buy to Let properties, now having to disclose a specific set of documents in a set order in an attempt to professionalise these multiple let property owners. To investigate your no obligation Portfolio Buy to Let mortgage enquiry here to start the ball rolling towards taking all the stress of this process away from you!
We are Guiding you through the PRA Portfolio Landlord Lending Guidelines
The Prudential Regulaton Authority (PRA) set out their new rules for standardising Buy to Let criteria, the first part of which fell around interest coverage ratios and affordability. PS28/16 stated that lenders must change their interest coverage ratio (ICR) to a standard 5.5% for all products with less than a 5 year term. The second part of the paper involved changes to what is classed as a professional landlord and the stress testing of properties in the background for clients who have more than 4 let properties. All lenders had to make changes to the way in which they underwrote any buy to let applications for portfolio landlords and this has worried a hell of a lot of landlords.
Add to that the Buy to Let Landlord tax changes implemented! - some people renting property are feeling under mighty pressure with the implementation of these government enforced changes which were the brain child of George Osborne in an attempt to stimulate the First Time Buyers. We are here to take the pain away and ease the pressure upon you make your enquiry via our service with no commitment at all in a no obligation enquiry.
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