Do all lenders provide them?
Some lenders will consider lending on a second home that is to be used as a residence for a family member, but not all. However, they may limit the loan to value on a second property, and will take into account the cost of running 2 homes. Therefore affordability will be tighter.
Apart from the mortgage itself, the main additional cost is an extra 4% stamp duty land tax if you are buying a second property without selling your existing property. In general you will have the cost of running 2 properties, and paying 2 mortgages, therefore it will be important to consider the effect of any changes to your future circumstances, or changes to interest rates. The extra stamp duty applies to buy to let properties also. If you are considering buying a second property, it is advisable to seek professional help in order to determine what tax will be payable.
Funding your deposit
This could come from savings, releasing equity in your current home, or even personal loans etc. We can advise you on all your options, and determine the one that is most cost effective.
Areas we cover:
Aboyne, Alford, Ballater, Banchory, Banff, Braemar, Caithness, Crovie, Cruden Bay, Cullen, Ellon, Fraserburgh, Gardenstown, Gourdon, Huntly, Inverurie
,Johnshaven, Laurencekirk, Macduff, Mintlaw, Newmachar, Newburgh, Oldmeldrum, Pennan, Portlethen, Peterhead, Portsoy, Sandend, St Syrus, Strathdon, Stonehaven, Tarves, Turriff, Whitehill, Aberdeenshire, Angus, Argyll and Bute, Clackmannanshire, Dumfries and Galloway,Dundee
East Ayrshire, East Dunbartonshire, East Lothian, East Renfrewshire, City of Edinburgh Falkirk, Fife, City of Glasgow, Highland, Inverclyde, Midlothian, Moray, North Ayrshire ,North Lanarkshire, Perth and Kinross Renfrewshire, Scottish Borders, South Ayrshire, South Lanarkshire, Stirling, West Dunbartonshire, West Lothian,Na h-Eileanan Siar, Orkney Islands,Shetland Islands