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“We have never made so many appointments for people looking at mortgages as we have in the last three weeks . . . and we have started to see an influx of properties coming to market.” Richard Kendall Estate Agent. Picture – supplied
While new predictions suggest that the Bank of England may start cutting interest rates in Q2 as inflation eases, Wakefield’s Richard Kendall Estate Agent is seeing signs of renewed optimism in the market since the beginning of the new year.
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Buying a second property in the UK can be a complicated process as the government seeks to cut down on second property ownership due to the housing shortage. This guide will discover the ins and outs of buying a second property.
What Makes a Second Property Different from the First? Buying a second property comes with its own unique set of challenges and considerations. Unlike your first property, where you may have enjoyed tax breaks such as no or lower stamp duty and a wide range of mortgage options. With a second property, there will not be as many mortgage products available as the key requirement for residential mortgages is to reside in the house you are buying.
Will I Need a Different Type of Mortgage?
Yes, if you are buying a second property, you will need a different type of mortgage....
