If you want to buy a property other than the one you live in, the mortgage you will need is called a second home mortgage. These are not to be confused with getting a remortgage or second charge mortgage.

You could use a second home mortgage if it is:

  • a property you intend to use as a secondary home, e.g. at weekends

  • a holiday home you use yourself or rent out

  • a buy to let investment

  • a property you buy for a business to use

If you want to buy a property in the UK that you will rent out, you can compare buy to let mortgages here.

Are second home mortgages the same as normal mortgages?

No, when you buy a second house you have to get a mortgage that lets you use it for a property other than your main home.

Not all mortgages can be used for this but many that can:

  • Need a higher deposit

  • Charge higher interest rates

  • Have tighter restrictions on who they lend to

Can you afford a second home mortgage?

All lenders check if you can afford the monthly repayments before they offer you a mortgage.

When you apply for a second home mortgage they consider how much you already pay towards your current mortgage to make sure you can afford another property.

If you are buying property as an investment, the lender will look at how much rent you could charge for it. They take this into consideration when they work out how much you can afford.

How much do second home mortgages cost?

Typically, getting a second home mortgage requires a larger deposit than that you would if you were a first time buyer. Additionally, second home mortgage rates tend to be higher than standard mortgage deals.

Here is how second mortgages work if you use them for a buy to let property

How to choose a second home mortgage

You need to choose the type of interest rate you want and the term of the mortgage. Here is how to decide what type is best for you.

This comparison includes every mortgage in the UK that you might be able to use, to buy a second home.

You can also work out how much you can borrow using our calculator.

If you need help finding a mortgage, you can contact a broker for ideas of which companies may accept you and which deals suit your finances.

Second home mortgage FAQs


Can I use any mortgage for my second home?


No, some lenders only offer mortgages for your main residential property. Check the lender that can cover second homes before you apply.


What if I already own my own home outright?


Lenders usually treat your application as if it is for a second mortgage. Check the lender you choose offers second home mortgages before applying.


Could I get a joint second mortgage?


Yes, you could get a joint mortgage for a second home.


Can if I get a mortgage on my third property?


If you buy several, the same rules apply: not all mortgages will accept you, and if you intend to rent out the properties you need a buy to let mortgages.


Can I get a mortgage that covers two properties?


Not usually, but some lenders offer mortgages for a portfolio of buy to let investments.


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 you will live in yourself.

About our mortgage comparison


Who do we include in this comparison?


We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.


How do we make money from our comparison?


We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.

Last updated: 10 September, 2020