The purchase of second homes either here at home or abroad has become a common practice of many. Thoughts of spending great amounts of time in another country can be greatly enhanced when owning a property there. A second home has the potential to be an income producer or simply another location to call home. The biggest challenge many face with a second home is how to fund the purchase. A possible answer to this dilemma is home remortgage.

Housing experts are in agreement currently about the timing of a remortgage. Due to the low level of interest rates and an aggressive pool of lenders looking to obtain new clients, remortgage activity is quite high and is expected to remain this way for the next few months.

There is however, an urge of caution when considering how long this favourable time will last. A possibility of an increase in interest rates is unclear at this point. Inflation combined with low numbers of houses available for sale could be taken into account in the next meeting of the Bank of England Monetary Policy Committee.

Remortgage can be the tool to unlock the funds needed to purchase a second home. Through the remortgage process, valuable home equity can be accessed making it possible to purchase an additional property.

Funding an additional property is not always easy, but there are answers. Many current house owners are taking advantage of the many benefits of a remortgage. Home equity could pave the way to owning a second property and putting into action a possible home renovation of the current home.