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Second home mortgages

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What is a second home mortgage?

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.

How much deposit do I 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.

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What our mortgage expert says

"Many people think the deposit is the hardest part of getting a second home mortgage, but lenders often look more closely at whether you could afford both properties if neither was bringing in income. That hidden affordability check surprises a lot of buyers."

Ashlyn Trojnacki - Mortgage expert
Mortgage Expert Confused.com logo

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

The extra Stamp Duty Land Transaction (SDLT) charges you must pay vary depending on where your second home is located. 

England and Northern Ireland:

From 1 April 2025

Second home purchase price Additional SDLT rate
Less than £40k
0%
£40k - £125k
5%
£125k - £250k
7%
£250k - £925k
10%
£925k - £1.5m
15%
Over £1.5m
17%

Scotland (where 'Stamp Duty' is called Land and Buildings Transaction Tax):

From 5 December 2024

Second home purchase price Additional LBTT rate
Up to £145k
8%
£145k - £250k
10%
£250K - £325k
13%
£325k - £750k
18%
Over £750k
20%

Wales (where 'Stamp Duty' is called Land Transaction Tax):

From 11 December 2024

Second home purchase price Additional LTT rate
Up to £180k
5%
£180k - £250k
8.5%
£250k - £400k
10%
£400k - £750k
12.5%
£750k - £1.5m
15%
Over £1.5m
17%
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Are there specific types of mortgages for a second home?

Yes there is depending on what you want to use your second home for.

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.

Can I 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.

Advantages and disadvantages of second home mortgages

Tick

Advantages 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 homes
Cross

Disadvantages of offset mortgages:

  • 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

Mojo's customer says:

"I had a great experience with Mojo Mortgages, and I’d highly recommend them. Olivia Cashmore was incredibly helpful and professional throughout the entire process. She explained everything clearly, kept me updated at every stage, and made what can often be a stressful experience feel straightforward and manageable."

- Mojo Mortgages customer ()

“I spoke to a few different Mortgage advisors and none had a patch on Shaun at Mojo. I felt his advice and guidance was completely transparent and clear, while others just wanted to tell me what I wanted to hear and "sell" me - with their goal only making me complete with them. Shaun made the process straightforward to understand and helped me throughout the whole process, even when I had last minute concerns about products. I cannot thank him and Mojo enough. Would recommend a thousand times over. ”

- Mojo Mortgages customer ()

“Excellent customer service and quick responses to all my emails. Thanks Mojo Team.”

- Mojo Mortgages customer ()

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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

YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

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

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Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH.

To contact Mojo by phone, please call 0333 123 0012.

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