Buying an extra house is going to be problematic, but with planning and many assistance from masters, you are able to the best decision that’s true for your problem.

Decide what you really can afford

An essential starting point in the deciding if you should get a beneficial next residence is choosing if you possibly could financially manage to create thus. Interest rates to possess next mortgages are usually a quarter so you’re able to 50 % of a spot more than first mortgage rates. For many who haven’t repaid the first financial, your own bank may wish to know that you can afford both mortgages with other will cost you such insurance policies, fees and you may taxes. Read more