Second home mortgage
Whatever the reason we’ve got you covered
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We can provide a second home mortgage if you’re looking to buy another property Holiday home Buy to let Buy to sell
If you already own a home but are looking to purchase another property, whether it’s a holiday home, a home that is needed due to work, a separation or divorce, it’s likely that you’ll need a second home mortgage.
A second home is typically defined as a home that you will use exclusively for yourself and family members. With a second mortgage application, there could be challenges to overcome than with your first mortgage, but Clever Mortgages can support you through the process so you can successfully buy your second home.
- Single or joint applications
- Fixed or variable rates available
- Holiday Home or Buy to Let
- Competitive rates
Mortgage application process
4 simple steps for applying for a mortgage. See more about the mortgage application process here
Let us know a few details about the mortgage you require
A mortgage specialist will call
One of our brokers will call and get a few more details of your requirements
We search for your perfect mortgage
We will search the market for the best rates for your circumstances
A Decision in Principle is made
We will secure a DIP with a lender, if you approve we move forward with a full application.
Whatever your mortgage goal, there will be something for you
We're on a mission to save you money on your mortgage
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We specialise in helping people find a mortgage and remortgage.
We require your details only once and we’ll know the best lenders for your circumstance and give you the best rates.
What should I do next?
There are many ways to contact us
Enquire online – our simple online form takes just a few minutes.
Give us a Call – our qualified advisers will assess what you are looking and do all the hard work for you searching the market – 0800 197 0504.
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A second home is typically defined as a home that you will use exclusively for yourself and family members. If you’re already paying off a mortgage on your home but are looking to purchase another property, whether its a new holiday home or to generate rental income, it’s likely that you’ll need a second home mortgage.
With any 2nd home mortgage application, there will undoubtedly be more challenges to face than with your first mortgage. It’s likely you’ll find it more difficult to get any mortgage on a second property if you haven’t already paid off the mortgage on your first home.
The main thing to consider before applying for a mortgage for a second home is whether you can afford the monthly repayments. Your mortgage lender will take into consideration your salary – as well as your partners if necessary – and any other regular income that you have. They will also look at your monthly outgoings, spending habits and other financial commitments such as loans and credit cards. Our budgeting tool can help you work out whether you can realistically afford to pay a mortgage on a second home.
Paying two mortgages makes you a higher risk to the lender. This is because there’s a greater chance you won’t be able to afford it if things don’t go to plan. As a result, any lender is likely to be cautious about lending to anyone taking out multiple mortgages. They will almost certainly enforce stricter criteria with a second mortgage. This might include a larger deposit than the one for your first mortgage (as much as 25%), as well as higher interest rates.
Even if the new house will be your primary residence, lenders will still apply the same strict rules.
You might find it easier to get a mortgage for a second home if you intend to use the house as a holiday let or buy to let, as you will be able to use the rental income to help pay off the mortgage.
Your credit score is one of the most important factors that lenders will consider when you apply for any mortgage. You are less likely to get approval if you have loan defaults, CCJs or have previously been made bankrupt. If you have bad credit then it’s unlikely you will be able to get a mortgage for a second home. You might be able to remortgage, see below.
We have put together some useful advice and help if you need approval for a bad credit mortgage.
Please note that if you have a history of bad credit, taking out a mortgage might not be the best option for you.