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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 second property that you’ll use yourself, rather than let out.

You might need one if you’re buying a holiday home, somewhere to stay near work, or a place for family to use.

If you plan to let the property out, a second home mortgage isn’t the right product. You’d need a buy-to-let mortgage for long-term tenants, or a holiday-let mortgage for short stays. .

A second home mortgage usually costs more than the mortgage on your main home. That’s because:

  • You usually need a deposit of at least 15%
  • Affordability checks are stricter, as you have to show you can afford both mortgages at once
  • Interest rates are typically higher
  • You pay extra Stamp Duty.

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 a deposit, you'll go through the affordability checks and you'll make an application.

Your lender will ask how you intend to use the property. Answer accurately, how you use it decides which mortgage you’re eligible for, and using it differently later can breach your terms.

Second home tax deadlines to know about

If your circumstances change after you buy, 2 separate deadlines can affect what you pay. They apply to different taxes and they’re different lengths, which is easy to mix up.

What you can do Time limit Tax affected
Tell HMRC which property you want treated as your main residence
2 years from the date your combination of homes changes
Capital Gains Tax
Claim back the extra Stamp Duty you paid on your new home
Sell your previous main home within 3 years of buying the new one
Stamp Duty Land Tax

The Stamp Duty refund applies if you bought your new home before you’d sold your previous main one, so you paid the higher rates on it. Sell the old home within 3 years and you can reclaim the extra.

You have to claim it yourself, HMRC won’t remind you. The deadline is 12 months from the sale of your previous home, or 12 months from the filing date of your Stamp Duty return, whichever is later.

Tax rules for second homes get complicated quickly. Check GOV.UK or speak to a tax adviser about your own circumstances.

How much deposit do I need for a second home?

If you’re getting a residential second home mortgage, you’ll usually need a deposit of at least 15%.

Letting the property out means a different mortgage and a bigger deposit. Buy-to-let mortgages usually start at 25% and holiday-let mortgages at around 30%.

Some lenders ask for more, depending on your circumstances and the property itself. It’s worth speaking to an expert broker at Mojo to find out what’s available to you.

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What our mortgage expert says

"Many people think the deposit is the hardest part of getting a second home mortgage, but lenders often look more closely at whether you could afford both properties if neither was bringing in income. That hidden affordability check surprises a lot of buyers."

Ashlyn Trojnacki - Mortgage expert
Mortgage Expert Confused.com logo

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.

Can I rent out my second home?

No, not on a standard second home mortgage. It’s designed for a property you use yourself. Letting it out, even for a few weeks a year while you’re away, usually breaches your mortgage terms unless your lender agrees to it in writing first.

If you want to let the property, you need a different mortgage. Which one depends on how you’ll let it.

How you’ll use the property Mortgage you need
Live in it yourself part of the time - a holiday home, somewhere near work, a place for family
Second home residential mortgage
Let it to tenants on a long-term tenancy
Buy-to-let mortgage
Let it to holidaymakers on short stays
Holiday-let mortgage
Use it yourself and let it out when you’re not there
Holiday-let mortgage, and check your lender allows personal use

Buy-to-let and holiday-let mortgages usually need a bigger deposit, often at least 25%. They’re also often interest-only, where you pay just the interest each month. If you take an interest-only mortgage, you need a plan for repaying the capital at the end of the 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.

Advantages and disadvantages of second home mortgages

Tick

Advantages of second home mortgages:

  • It’s secured against the new property, not the home you already live in
  • You have a second home for holidays and weekends away
  • You could benefit if the property’s value rises over time
Cross

Disadvantages of second home mortgages:

  • You need a bigger deposit, usually at least 15%
  • Affordability checks are stricter, as you’ll need to prove you can afford both mortgages
  • Paying 2 mortgages at the same time is expensive
  • You pay extra Stamp Duty
  • You can’t let the property out without your lender’s agreement
  • Council tax can be much higher. Since April 2025, councils in England can charge up to 100% extra on second homes. In Wales the premium can reach 300%

Mojo's customer says:

"I had a great experience with Mojo Mortgages, and I’d highly recommend them. Olivia Cashmore was incredibly helpful and professional throughout the entire process. She explained everything clearly, kept me updated at every stage, and made what can often be a stressful experience feel straightforward and manageable."

- Mojo Mortgages customer ()

“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. ”

- Mojo Mortgages customer ()

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

- Mojo Mortgages customer ()

Mojo is rated

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Mojo mortgages have a 4.8 rating based on 8794 reviews
as of 27/02/2026

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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

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. 

The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties. 

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To contact Mojo by phone, please call 0333 123 0012.

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