Second Property
How to finance another property
Unless you are in a position to buy the second home outright, you will have to decide on the best way to pay for it.
The most straightforward way to buy a second home is by re-mortgaging your existing property - as long as you've got enough equity stored up.
You will then be able to go shopping for your holiday home and act like a cash buyer.
It's always worth getting a proper survey carried out, and a solicitor to check all the legalities.
Alternatively, you can consider taking out a second mortgage, although any deal will be dependent on your ability to afford the outgoings.
Also, setting up a new mortgage is likely to be more expensive because costs such as solicitor's fees will be higher. Plus, while most lenders are happy to lend against a holiday home as long as it's for personal use.