Stepping in and making your way up the property ladder is not as easy as it might seem to be, however establishing a notification of low mortgage rates nearby could come quite in handy when you want to buy another property.
A remortgage may be primarily used to transfer to a cheaper mortgage, but it can also be used to release cash tied up in your equity home.
The increase of house prices between 2010 and 2019 has averaged to 33%, that means the value of your home that you might have owned for a very long time might not have gained significant increase however, it is a perfect time to be able to release some equity by remortgaging and buying a second property.
By doing this, you could enable yourself to buy your second home in cash or be able to put a down deposit for a buy-to-let mortgage.
It is very much beneficial to buy a second property as a holiday home for many reasons, such as locations that you visit often or you can rent out your property to others on holiday for extra rental cash.
If you plan on renting it out longer, a holiday to-let mortgage is definitely what you need. By getting a holiday let mortgage means you want to borrow money to buy a property that you will rent to people on a short term basis. This will enable you to charge your customers a bit extra compared to long-term tenants with a buy-to-let arrangement.
You can buy a property partly for business and still make it a home to live in for yourself. This is classified as a mixed-use property or also known as semi-commercial. The stamp duty will be lower, but you'll have to pay more taxes and business rates.
For more info, visit SmartmortgagesUK and get a quote or speak to an expert.