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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.

Second home mortgages with Mojo

We've partnered with an expert broker, Mojo Mortgages.

Just answer some questions about your situation and let Mojo's expert advisors guide you to a mortgage tailored to your needs. And the best part of it all is, it’s completely free (yes, really!).

With access to lenders across the whole of the market, Mojo advisors strive to save you money and find your best second home mortgage rate.

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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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Our mortgage calculators

Stamp duty calculator

Find out how much stamp duty you'll pay on your property purchase.

Mortgage repayment calculator

See how much your future monthly repayments could be.

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.

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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Advantages and disadvantages of second home mortgages

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

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

What our mortgage 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."

Claire Flynn Contributing Senior Content Editor (former) - Mortgages

Mojo's customer says:

“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. ”

Callum - Mojo Mortgages customer (March 2025)

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

Lotoy - Mojo Mortgages customer (January 2024)

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Learn about different mortgage types

Mortgages

Are a type of loan used to buy a property. The mortgage is secured against the value of the property. <style> </style>

First-time buyer

Are designed to help give you that first step on the housing ladder. <style> </style>

Remortgage

Are for when your current mortgage deal comes to an end.

Interest-only mortgages

Are where you only pay back the interest each month. When your mortgage term comes to an end, you still owe exactly what you borrowed at the start.

Buy-to-let Mortgages

Aren't that different from a regular mortgage. But there are some important differences.

Tips & guides on second home mortgages

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See all mortgage guides

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

Page last reviewed: 1 April 2025

Reviewed by: Claire Flynn

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.

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