Guide to Second Home Mortgages - Richard Kendall Estate Agents

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Buying a second property in the UK can be a complicated process as the government seeks to cut down on second property ownership due to the housing shortage. This guide will discover the ins and outs of buying a second property.

What Makes a Second Property Different from the First? Buying a second property comes with its own unique set of challenges and considerations. Unlike your first property, where you may have enjoyed tax breaks such as no or lower stamp duty and a wide range of mortgage options. With a second property, there will not be as many mortgage products available as the key requirement for residential mortgages is to reside in the house you are buying.

Will I Need a Different Type of Mortgage?

Yes, if you are buying a second property, you will need a different type of mortgage. The specific type of mortgage required will depend on how you plan to use the property. For example, if you intend to let out your second property to holidaymakers, you will need a holiday let mortgage. On the other hand, if the second property will be your own holiday home, you will require a residential second home mortgage. Our expert team of mortgage brokers can provide guidance and help you find the most suitable product based on your needs.

How Much Can I Borrow for a Second Property?

The amount you can borrow for a second property depends on its purpose. If you plan to buy a property for buy-to-let purposes, the lender will primarily consider the property’s monthly rental assessment. If the rental income meets the lender’s calculation, you can typically borrow up to 75% loan-to-value (LTV). However, if the second property will be another residence, you may face challenges with mortgage affordability. Your income is likely to be stretched from your primary residence, especially if you already have a mortgage on it. Consequently, you should expect to borrow less for your second property compared to your primary residence.

What Costs are Involved with Buying a Second Property?

Conveyancing Costs

Conveyancing costs in the UK typically average around £1,500. These costs cover various aspects, including property searches, contract drafting, and filing ownership with the Land Registry. Insurance Costs

You will need buildings cover (home insurance) for your second property, and since you may not occupy the property for most of the year, the insurance premiums can be higher.

Stamp Duty

Stamp Duty Land Tax (SDLT) applies to second properties and is charged at the standard rate plus an additional surcharge of 3%. The rules for second home stamp duty are complex and even apply to properties outside the UK. For instance, if you own a property in France and are purchasing your first home in the UK, you will be subject to the second home stamp duty rate. The amount of stamp duty payable varies based on the property’s value, with a property valued at £300,000 incurring a stamp duty charge of £11,500.

Deposit

As with a standard residential mortgage, you will need to provide a deposit for your second property. The minimum deposit requirement for a residential mortgage on a second property can vary depending on the lender but generally tends to be around 15-20% of the purchase price. The deposit requirements for a second residential property are often higher than for a first time buyer. How a Mortgage Broker Can Help A mortgage broker is vital when trying to secure a second home mortgage. With access to a wide array of lenders and mortgage products, a broker can identify options specifically suited to the borrower’s financial profile and the unique considerations of purchasing a second home.

Are you looking to buy a second home? Richard Kendall Estate Agent works in partnership with SMH Finance LLP who would provide the 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗮𝗱𝘃𝗶𝗰𝗲. Speak to one of SMH Finance LLP specialists today

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As electrical contractors, CRE Electricians have had the pleasure of working alongside Richard Kendall in Wakefield for some time now, and we consistently experience a smooth and efficient partnership. What stands out is their exceptional organisation and communication skills. Getting access to properties is always seamless, keys are sorted promptly and the team always work for one another if someones out of the office. A special mention to Alannah, Jessica and Elisa who work especially hard to ensure a smooth experience for all involved in our electrical works. We look forward to continuing our working relationship! Thanks again guys, keep up the good work! Team @ CRE Electricians Chris 15/04/2025

Just completed upon my mum’s bungalow in Horbury Wakefield. This was a complex sale (Shared Ownership Scheme) involving Landlord, their Solicitors & Managing Agents working in conjunction with my Solicitors and the Purchasers Solicitors. It was extremely challenging and demanding but was successfully orchestrated and managed by their Senior Property Consultant Mandy Bennett based in their Ossett Agency. We fully recognise and appreciate this was only achieved through the hard work and persistence of Mandy supported by her fellow colleagues in the local area. We were always kept up to date at all stages and would highly recommend Richard Kendall’s Estate Agents. Steve 15/04/2025

From the outset it was a privilege to converse with Karen Marijewko. She made the whole process very straightforward. The Richard Kendall software system updating me regularly with viewings was extremely good. Overall a simple, clear and efficient process. Highly recommend this company and Karen. Mr Snow 15/04/2025

We would like to thank Catherine and Shireen for working so hard in our selling/buying. They were so knowledgeable, polite and extremely helpful. They gave us lots of support. All the other staff were helpful too, especially Margaret. Thank you so much. Kind regards, Sue and Keith. Sue 15/04/2025

Excellent service. Can't rate Leah enough at Ossett branch. She went above and beyond to get our completion through before the end March. Alan 15/04/2025

Richard Kendall Estate Agents guided us through a tough buyer’s market when other agents pushed us to drastically lower our property’s price. Despite our urgency to sell, they advised against a steep reduction, suggesting a modest drop instead. Their insight—that finding the right buyer takes time—proved spot-on. Within a week of the adjustment, a couple fell in love with our home and bought it, leaving us wondering if we’d undersold. Alison and the team were professional, communicative, and strategic—focused on value, not just a quick sale. Highly recommend! David 15/04/2025

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Just want to give Alison Hopkinson 10/10 For helping me through my sale always ringing me letting me know about the progression of my sale thanks again Alison Antony 15/04/2025

Really helpful and friendly. Made sure i was kept up to date with all developments and helped everything go smoothly and quickly. Toni 15/04/2025

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