Second Mortgage for second homeA second mortgage for a second home
The purchase of a second home is an option for building companies.
Life in the ditch is not a pick nick for builders. Though one hopes that rentals have evolved from the ITV company ITV funny day Raising Damp, being a builder in excavations while it can be a "home from home" is simply not the same as being at home. Simultaneously, digging is an optional feature that many contracted workers select via the everyday shuttle ride from home, which can be many kilometres away and causes high tolls.
We' re talkin' about buyin' a second home. There are two most likely ways to investigate: either buying a home that is nearer to work, where you stay a whole working day and then go back to the home at the end of the day; or staying near work and buying a home as a holiday.
Possession of a second home is becoming more and more common. Census 2011 figures show that 1,570,228 persons in England and Wales have a second home in England and Wales outside the main place of residency which they have used each year for 30 consecutive working holidays or more. Of these, 11% rated their second home among vacation houses, while 15% used it for students' housing or work.
In 2016, according to a Telegraph survey, while seaside destinations are of course favourite with those who want this week-end trip, London has the highest share of second home buyers with just over 28%. What's interesting is that it can be cheaper to own a second home in London and have a mortgage than it can be to hire.
Even though the London rental costs have fallen on a year-on-year basis, they are still close to £1,250. Certainly this makes the acquisition of a second home an appealing option for builders who want to get out of the excavations or reduce the amount of commuting time? Obviously, as a contractor yourself, or a specialist, you need a certain level of revenue, but there are many mortgage out there for purchasing a second home.
When the purchase of a second home is an optional activity that you as a developer would like to investigate, please contact the team of Contractor Mortgages Made Easy for help and guidance.