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Find out everything you need to know about second property mortgages with our comprehensive guide. Buying a second property isn’t usually as straightforward as buying your primary residence. Fortunately, plenty of financing options, such as remortgaging to buy another property, are available.
It’s important to understand what is considered a second home, as well as the deposit requirements.
You might be considering buying a holiday home or perhaps a buy-to-let property as an investment. Another common reason is to help a family member get on the property ladder. In this case, a joint borrower sole proprietor mortgage may be what you’re looking for.
When buying a second property, you will also need to consider the impact of stamp duty. Use our second property mortgage calculator to calculate your affordability.
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Lenders criteria are typically the same for a second home mortgage but the affordability checks are more stringent. Lenders want to be sure you can meet the repayments for your first and second mortgage.
To get a mortgage for a second home, you’ll typically need a higher deposit of around 15% to 25%.
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