There are more and more people nowadays who are lucky enough to be in the position to be able to purchase a second home as a vacation bolthole.
Unless they are in the fortunate position of being able to afford to purchase the second property with immediate funds, they will need to raise the funds with a second mortgage. This mortgage can be raised with your existing borrower against the value of their main existing home, or alternatively can be financed by taking out a mortgage with an alternative lender.
Rather than purchasing a seaside or country property as a vacation rental, many people choose to have a city pad in London as an exciting weekend escape. Of course to be able to Finance your own vacation rental in london may prove to be an expensive ideal, especially when you consider that property prices in London are amongst the highest in both the UK and the world.
This is why it is important to ensure that you have all your finances in order and are able to have a contingency fund available for any maintenance and repair issues.
As you will not be spending all of your time in this vacation property, it would be prudent to let the property rather than leaving it empty for long periods of time. You will therefore be able to use any rental income to offset the mortgage payments, so taking some of the strain from your finances.