Holiday Second Home Calculator

Many people dream of being a homeowner. With the current financial situation, and with increasing estate prices, it’s challenging to be one. This guide will help you calculate how possible it is to get a holiday home or a second home.

People who own a second home are considered part of the lucky few. You can also get an equity release scheme on the property to get a little extra cash for that dream vacation to the Bahamas. You can also release some money for home improvements and such.

Can The Lifetime Mortgage Plan Help You in Buying A Home?

The lifetime mortgage plan is specifically helping holiday homeowners gain access to the equity that’s locked up in that second home. So, if you’re hesitant as a homeowner about a mortgage plan on your main home, you might want to look at taking out an equity release plan on your second residence as an alternative.

Let me tell you:

Other lifetime mortgage plans let you release cash from your holiday home tax-free. What’s great is that you can use that released funds on anything you want to. The lifetime mortgage plan requires you to repay it in full when you die or need constant medical care.

Is it Possible To Release CashFrom Your Home?

It’s indeed so much easier to release cash from your main home than to remove some money from your second home or holiday property, there are multiple options you can choose from. You have a variety of plans to take out to make your dreams come true.

So what now…

However, if you want to make sure that your family will get an inheritance, this mortgage plan is an ideal option. With this plan you don’t have to worry about your main home, it won’t be affected. You can see what amount of cash you can get through this mortgage plan. Here’s how to calculate that amount with the Second Home Calculator.

How Does The Second Home Calculator Work?

Simply put, to calculate the maximum amount of cash you could get from a second home lifetime mortgage, input:

• Your property’s value should be a minimum of £70,000, and that property needs to be in the UK.
• The age of the youngest homeowner which should be a minimum of 55 years.
• Your property is located, the Equity Release Council requires that your estate is in England, Scotland, or Wales.

These are the requirements most mortgage providers have. They need this information to work out how much money you can borrow from them, i.e. how much capital is locked up in your property.

Let me tell you something…

People who have a second home are considered the most achieved people on earth. It’s a luxury to have somewhere to escape to when you want to get away from your primary residence and your routine. Therefore, if you’re curious to see how much money you can get if you take out a second home mortgage, use this simple holiday home or second home calculator to determine what amount you qualify for. It’s so easy!

You might be unsure about the whole process…

The Equity Release Process

Certain factors will ultimately affect your equity release process’s time scale, placing a delay on your application and hindering a timeous release of monies.

Naturally, you will want to allow your application to progress as timeously as possible.

To find out more: Equity Release Process

Common Questions

In Conclusion

Equity release is such a great option if you want money and you want it fast. It’s a way to provide for instant needs at low interest rates. If you’d like to buy a second house or a holiday home, it’s also a great option to make that possible for you and your family. But you don’t always know how much you’ll be able to borrow. And that can be off-putting. No worries!

This holiday/second home calculator is there to sort out that problem for you. After you have used the calculator you will have a greater understanding of where you are at and if you are able to transform the dream into a holiday home. If you have any questions feel free to ask, we will be happy to help.