Here are some tips to make sure you get your application accepted.
� It really does help to use a holiday home mortgage broker rather than trying to do it yourself. The broker has seen hundreds of these forms and knows how to present your answers to have the best chance of being accepted. Also quite a lot of the questions are ambiguous, or their meaning is unclear. The holiday home mortgage broker will be able to explain exactly what they mean.
� Make sure you apply for the type of holiday home mortgage that is suitable for you. Take account of all your outgoings and commitments including the mortgage on your first home, if you have one. For instance, if a high-repayment second mortgage will stretch your income, consider an interest-only mortgage. The lender will want to be sure that you can afford the mortgage. Talk to a holiday home mortgage broker to make sure you apply for a product that fits your situation.
� You absolutely must be truthful in your answers to the questions. If you are applying for a second mortgage on your holiday home, you may already have a lot of financial commitments. This may even have pushed you into debt or damaged your credit rating. Your holiday home mortgage broker should insist that you stick to the truth, however tempting it may be to conceal some of the facts in order to get your application accepted. If the broker encourages you to bend the truth, find another broker immediately. It would lead to serious trouble later on.
� Be prepared to supply proof of all your statements on the form. You need to come armed with payslips, bank statements, P60s, utility bills, even possibly a passport or birth certificate.
When you have set your heart on a holiday home, you can be very anxious about your application for a mortgage. You realise how disappointing it would be to be turned down. But remember that the mortgage industry is very competitive and they are very anxious for your business. Take the advice of your holiday home mortgage broker and you will have a good chance of making a successful application.
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Sean Horton is a Director of Holiday Let Mortgages who are a holiday home mortgage broker.