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Second home mortgages

Find a second home mortgage

Our broker partner Mojo can help you find a second home mortgage

We've partnered with Mojo Mortgages to help you compare second home mortgages with an expert

  • Advisers who can look at mortgage rates from across the market

  • Get an expert-recommended deal

  • They can help you apply when you're ready

What is a second home mortgage?

As the name suggests, a second home mortgage is a residential mortgage for a secondary property.

You might need to get a second home mortgage if you're thinking of getting another home to use as a holiday home or to rent out.

But if you’re thinking of buying a second property with the sole intention of renting it out, you need a buy-to-let mortgage.

The main difference between a second home mortgage and a regular mortgage, is that it tends to be more expensive. This is because:

  • You usually need at least a 15% deposit
  • Affordability checks tend to be more rigorous as you have to prove you can afford to pay off 2 mortgages
  • There are higher interest rates
  • You have to pay extra Stamp Duty charges

How does a second home mortgage work?

You’ll go through the same home-buying process as you did with your first mortgage. You’ll need to have a deposit, go through the affordability checks and make an application.

If you want to rent out your second home, you’ll need to tell the lender how much rent will be and your plans for the home.

If over time your second home ends up becoming your main home, you've got 2 years after moving into your second home to let HMRC know that this is now your main residence.

This way there's less risk of having to pay Capital Gains Tax when you sell it. You can also claim back Stamp Duty if it goes back to being your single main home within that time frame.

Are there specific types of mortgages for a second home?

Depending on what you want to use your second home for, you'll need a specific type of mortgage.

If you wish to live in your second home, you'll need to get a normal residential mortgage. But you won't be able to rent out the property on the days you're away as that may break the terms and conditions set by your lender.

If you have intentions of letting the property out, you should consider a buy-to-let mortgage. If the property is a holiday home, you might need to get a holiday-let mortgage instead as you'll usually need a commercial mortgage.

Buy-to-let and holiday-let mortgages require a large deposit of 25-30%, and are usually interest-only mortgages where you only pay the interest each month. If you choose this specific type of mortgage, make sure you have a plan in place to be able to repay the capital at the end of the mortgage term.

Pros and cons of second home mortgages


  • Not tied to your current one – no risk of losing the home you’re already living in
  • You have a secondary home for summer holidays or quick getaways
  • Could form part of a diversified investment portfolio, that may provide you with an additional source of income
  • Some local authorities charge less council tax on second


  • A larger deposit is needed (usually around 15%)
  • Stricter affordability checks
  • Can be expensive paying for 2 mortgages at same time
  • You'll have to pay extra Stamp Duty charges

What our expert says

Having a second home can have great tax benefits, but don't take this decision lightly. You'll need to have a larger deposit, a mortgage with higher interest rates, and be able to repay both mortgages at once. Speak to an expert broker at Mojo who can help you decide whether a second home mortgage is right for you.

Second home mortgages FAQ

Is it hard to get a second home mortgage?

No, anyone can apply for a second home mortgage.

You’re more likely to be approved if you:

  • Show a track record of paying your current mortgage on time
  • Have a good credit score
  • Can prove that you can afford the extra payments of a second home

How much deposit do you need for a second home?

If you get a residential second home mortgage, you'll usually need a deposit of about 15%.

If you want to rent your property out, you'll need a buy-to-let mortgage which requires a deposit of 25%. Holiday-let mortgages need an even bigger deposit of 30%.

Depending on your circumstances, some lenders may require as much as 40% deposit. It's worth speaking to an expert broker at Mojo to understand what second home mortgages are available to you.

How much Stamp Duty do you pay on a second home?

The extra Stamp Duty charges you must pay vary depending on where the second home is located.

In England and Northern Ireland for properties over £40,000, you need to pay a second home surcharge of 3%.

In Scotland, you must pay a second home Stamp Duty surcharge of 6%.

And in Wales, the surcharge is 4%.

Can you have 2 residential mortgages?

Yes, there's no law which caps the amount of residential mortgages you can have.

But, this is all subject to whether you can get approved from a lender and pass their affordability checks.

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Page last reviewed: 27 September 2023

Reviewed by: Claire Flynn


The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties. 

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