The property boom and the rise in UK staycations have led to second homes becoming increasingly popular. But in a seller’s market, how can you get ahead of the crowd?
With more than one in 10 adults making additional investments during the housing market boom, it has shown it is a popular time for buyers to expand their holdings with a , but if you’re fortunate to be in a position to do so, you need to ensure it is the right move for you.
Why would you buy a second home?
For a lot of people, a second home brings with it the best of both worlds, whether it’s a rural escape, or a place to crash in the city, having a second property to escape to can create the feeling of having a holiday.
However, for some, the main motivation is financial, and renting their second home can provide an extra income stream.
Whatever the reason, it is important you know how to give yourself the edge when it comes to the purchase, particularly in this competitive market.
Our top tips to get ahead of rival buyers
Ensure you are in a strong potion to start with. For most second-home buyers, a mortgage will be needed, and to prove to a lender that you can manage the repayments, you need to ensure that you have a healthy income.
You will also need a larger deposit to secure your mortgage for a second home purchase, which can be a minimum of 25 per cent.
Having a good credit score will also go a long way towards pricing your reliability with your mortgage lender.
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