- >
- Mortgage comparison>
- Second-home mortgages
Compare second-home mortgages
Find the right second-home mortgage for you
Mortgages for second homes
Second residential mortgage
Buy-to-let mortgage
Overseas mortgage
How to compare second-home mortgage deals
Tell us what you need
Let us compare available deals
Get your mortgage with Mojo
Can I get a second home mortgage?
Getting a second-home mortgage is similar to a standard one, but you'll need to find a lender willing to approve it. Lenders will ask about your intended use to ensure you’re applying for the right product and will assess your affordability—factoring in any existing mortgage repayments.
Shopping around or using a broker like Mojo can help you secure the best deal.
How much deposit is needed for a second home?
The deposit for a second-home mortgage is usually higher than for a first home, with most lenders requiring at least 15% of the property price.
For a buy-to-let mortgage, you’ll typically need at least 25%, while a holiday-let mortgage may require 30% or more.
Additional costs include higher Stamp Duty, with a 5% surcharge on second homes in England and Northern Ireland. Interest rates on second-home mortgages are also usually higher, making this type of borrowing more expensive overall.
Are second-home mortgages the same as normal mortgages?
They’re very similar. Both products are loans with interest attached that can be used to buy a property.
The main differences are:
Lenders ask for a higher deposit
The affordability checks may be more thorough
You typically pay higher interest rates
You have to pay extra Stamp Duty charges.
Second-home mortgages tend to be more expensive as a result, and you need more up-front capital to get one too.
Can I afford a second mortgage?
The first thing to consider is that you’ll need a reasonably large deposit, as most lenders require between 15% and 30% of the loan amount.
You’ll also need to calculate how much you’ll owe in Stamp Duty, including the second-home surcharge. And on top of that, you’ll need to pay the surveyor’s and lawyer’s fees. Even if you have a big deposit, you’ll also need to show that you can afford the monthly repayments on top of all your other outgoings - including any repayments you already make towards an existing mortgage.
If you are buying property as an investment, the lender will look at how much rent you can charge and will take this into consideration when they work out how much you can afford.
Interest rates for second-home mortgages
Second-home mortgage interest rates tend to be higher than those on standard mortgage deals. But the higher your deposit, the lower your loan-to-value ratio which means you'll be able to access better rates.
You also need to choose the type of interest rate you want. For instance, are you looking for a fixed-rate mortgage or a variable-rate mortgage? You also need to consider the length of the mortgage. Twenty-five years is standard, but if you can afford to pay it off more quickly, you should pay less interest overall.
You can work out how much you can borrow using our mortgage affordability calculator. If you need help, you can also contact a mortgage broker to get an idea of which deals you are likely to be offered.
Stamp duty for second homes
In England and Northern Ireland, second home buyers pay a 5% surcharge on properties over £40,000.
In Scotland, second homes are subject to an additional 8% surcharge on top of the standard Land and Buildings Transaction Tax (LBTT) rates, while in Wales, the surcharge is 5% on properties up to £180,000, in addition to the standard Land Transaction Tax (LTT) rates.
The total amount of Stamp Duty payable depends on the price of the property you buy. To find out exactly how much Stamp Duty you'll need to pay for your second home, use our Stamp Duty calculator.
The table below shows the amount payable in England and Northern Ireland depending on what price band your property is in (As of 1 April 2025)
| Property Price | Main home stamp duty | Second home stamp duty |
|---|---|---|
| £0 - £125,000 | 0% | 5% |
| £125,001 - £250,000 | 2% | 7% |
| £250,001 - £925,000 | 5% | 10% |
| £925,001 - £1.5million | 10% | 15% |
| Over £1.5million | 12% | 17% |
Second home mortgage FAQs
Can I use any mortgage for my second home?
No, you’ll need a second-home mortgage, and the type required will depend on what you intend to do with the property. If you want to let it out, you’ll need a holiday-let or buy-to-let mortgage. If it’s a second home for your family, you should be able to get a second residential mortgage. Either way, lenders have different rules, so read the terms carefully before you apply.
Why are interest rates for second-home mortgages more expensive?
When you have more than one mortgage, you are considered a greater risk than someone who only has one loan to pay. This is reflected in the higher second-home mortgage interest rates charged by lenders. However, the higher the deposit you can raise, the better the deals you will be able to access.
What if I already own my own home outright?
Lenders will usually treat your application as a second mortgage application, so check the lender you choose offers second-home mortgages before applying. You might not pay such a high interest rate as you would if you were making repayments on a first mortgage. And you may also have other options, such as remortgaging your first home to release equity to buy a second property outright. You’ll still have to pay second-home Stamp Duty rates, though.
Could I get a joint second mortgage?
Yes, you can get a joint mortgage for a second home. In that respect, they are the same as standard homebuyer mortgages.
Can I get a mortgage to buy a third property?
Yes, the same rules apply if you buy three or more properties, although some lenders have rules around the maximum number of mortgages you can have at any one time. The affordability criteria will also become even more stringent if you are paying several mortgages at once.
Can I use Help to Buy for a second property?
No, you can only use Help to Buy for a property that will be your only home and that you plan to live in yourself.
Is it hard to get a mortgage on a second property?
The process is similar to taking out a standard mortgage, but with tighter affordability rules. As there is also a smaller pool of providers that offer second-home mortgages, you may need to shop or work with a broker to maximise your chances of being accepted.
What is the minimum deposit for a second mortgage?
For a second residential mortgage, most lenders require you to have at least 20% saved up to qualify. Buy-to-let mortgages, meanwhile, typically require a minimum of 25%, and holiday-let mortgages may need you to put in as much as 30% deposit.
About the author
Didn’t find what you were looking for?
Use the links below to find out about other mortgages
We’ve been featured in
