The Society says the second mortgage is ideal for people who work in one location whilst their family are established in another, or who have a 'weekend retreat', but are struggling to find a mortgage for their second home.
The Loughborough will lend up to 80% of the second home value or purchase price (whichever is the lower) providing the property is in England or Wales, for residential use and is not rented out.
Ashley Pearson, BDM at Loughborough Building Society, said: "It seems that everyone works harder and time away from work becomes more valuable, so I’m pleased to offer a solution for borrowers who would like to have somewhere to go and relax at weekends and holidays. Of course, it’s also a solution for those who need to live away during the week, for better job prospects without uprooting their family."
