What a beautiful dream it would be to have your own holiday home – probably somewhere in the sun. If your dream is not to turn into a financial nightmare, you should make sure that you are well prepared for the potential pitfalls.
The first step is to consider whether or not you can afford another property. Some will be able to buy outright but most will need to take out a mortgage. If you have a mortgage then you will have repayments to make and, of course, these too will have to be financed.
So immediately you are faced with a number of decisions: