Financement immobilier
Second Home Options
Un prêt viager hypothécaire garanti sur une résidence secondaire plutôt que sur la résidence principale, pour les propriétaires qui souhaitent mobiliser de la valeur sans toucher au logement familial.
Péninsule de Dingle, comté de Kerry · Maoileann, CC BY-SA 4.0
À qui il s'adresse
Propriétaires d'une résidence secondaire ou de vacances
Ce qu'il fait
- Garanti sur une résidence secondaire, non sur la résidence principale
- Le bien ne doit pas être loué sous un bail protégé
- Taux fixe à vie avec garantie d'absence de dette résiduelle
- Occupation personnelle pendant une partie de l'année exigée
Le produit en détail
Some clients have equity they would like to use and no wish to touch the family home to reach it. A holiday cottage in Kerry, a flat kept from an earlier life, a property bought for retirement and not yet lived in — all of it is value, and none of it is the main residence.
Second Home Options is a lifetime mortgage secured on that property instead. The mechanics are the same as the rest of the range: no monthly payment, a rate fixed for life, interest rolled up, and a no negative equity guarantee. The differences are in the eligibility criteria, and they exist because a property the owner does not live in full time is a different security.
Two conditions matter most. The property must not be let on an assured tenancy — a lifetime mortgage cannot sit behind a tenant with security of tenure — and the owner must personally occupy it for part of the year. Holiday letting is possible by agreement, and it is worth raising at application rather than after completion.
The loan-to-value is lower than on a main residence, up to 34%, and the minimum property value is higher at £150,000. Both reflect the same thing: a second home is a less certain security and is priced accordingly.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Illustration des données clésSur demande
- Note sur l'éligibilité du bienSur demande
Comment cela fonctionne
Ce qui se passe, dans l'ordre
De la première demande jusqu'à la mise en place de la garantie, du contrat ou de la ligne.
Eligibility of the property is checked first
Against the property eligibility note: tenure, no assured tenancy, personal occupation for part of the year, minimum value £150,000.
Any letting arrangement is disclosed
Holiday letting is possible by agreement. An assured tenancy is not, and it is better established now than at completion.
The property is valued and terms issued
Up to 34% loan to value, with a Key Facts Illustration.
The loan completes with the rate fixed for life
No monthly payment, interest rolled up, no negative equity guarantee.
Repayment on death or long-term care
From the sale of the second property. The main residence is not security for this loan.
Les chiffres
Un exemple chiffré
Des calculs donnés à titre indicatif, pour que la structure du produit se voie plutôt qu'elle se décrive. Rien ici n'est une offre ni une projection.
A £400,000 holiday home, with the main residence untouched
Illustrative figures for a client of 70 releasing against a second property.
- Second property value
- £400,000
- Main residence valueNot security for this loan, and not affected by it
- £520,000
- Maximum loan to value
- 34%
- Released
- £136,000
- Illustrative fixed rate
- 6.9% a year, rolled up
- Balance after 15 years
- £368,000
- Location
- Holiday letting only, by agreement
- Personal occupation
- Required for part of the year
Illustrative and not a quotation. The 34% figure is the product maximum and the actual loan to value depends on the youngest borrower’s age. A Key Facts Illustration carries the real rate, charges and projected balances.
Which property is security, and which is not
The illustrative case above.
Voir ces chiffres sous forme de tableau
| Released against the property | Equity retained | |
|---|---|---|
| Second home — Security for the loan | £136k | £264k |
| Main residence — Untouched | £0k | £520k |
Adéquation
Où Second Home Options trouve sa place
Les cas auxquels il répond, ceux auxquels il ne répond pas, et ce qu'un souscripteur demande avant de tarifer.
C'est la bonne réponse lorsque
- Owners of a second or holiday property who do not want to borrow against the main residence.
- Properties worth £150,000 or more, personally occupied for part of the year.
- Clients whose second property is either unlet or holiday let by agreement.
Il faut regarder ailleurs lorsque
- Property let on an assured tenancy — that is the Over 55 Buy-to-Let Option.
- A main residence, which the rest of the range covers at a higher loan to value.
- A property the client never personally occupies.
Ce qu'il nous faut pour tarifer
- 1.The broker’s suitability assessment and the clients’ ages.
- 2.Details and tenure of the second property, and its estimated value.
- 3.Any letting arrangement, and confirmation of personal occupation.
Questions
Ce que les courtiers nous demandent sur ce produit
Can the property be let?
Holiday letting is possible by agreement. An assured tenancy is not compatible with this product, and disclosing an existing one early avoids a declined application at valuation.
Why is the loan to value lower than on a main residence?
Because a property the owner does not live in full time is a less certain security, in condition, in occupancy and in resale. The lower loan to value is how that is reflected.
Is the main residence at risk?
No. The loan is secured on the second property only.
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Interrogez-nous sur Second Home Options
Le formulaire parvient à un souscripteur à Dublin. Si vous êtes intermédiaire, dites-le et nous l'orienterons vers le bureau courtiers.