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Second home mortgages
From holiday homes in the countryside to cutting down the work commute, a second home mortgage could help make it happen. Find out more about eligibility and whether a second home is the right move for you.
What is a second home mortgage?
A second home mortgage is where you take out a mortgage on another residential property. This would mean you have an additional mortgage to repay. One property will be your main home. The second could be a holiday home, somewhere closer to work, or a property for a family member to live in.
This mortgage is different to remortgaging to another lender or switching your deal. Both of these options apply to your current home – not a second property.
Who can apply for a second home mortgage?
To be eligible, you’ll need to be able to afford all mortgage commitments – on top of bills and utilities for the second home. When applying with Halifax, you’ll also need to consider the following criteria:
When should I get a second home mortgage?
Let’s take a closer look
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In some cases, buying a second home mortgage can be more challenging than standard mortgages. Lenders need to make sure you can afford the additional mortgage payments, as well as all the other costs involved in buying a property.
However, having an existing mortgage may make it easier to get a second one. And your second mortgage can be with a different lender, if you choose.
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The size of your deposit can depend on the lender, as they can have different requirements. Taking out a second home mortgage with Halifax requires a minimum deposit of 25%.
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Yes, relatives and family members can live in your second property, even if it’s not your primary residence as the mortgage applicant. This includes:
- immediate relatives by blood, birth, marriage or civil partnership
- step children and adopted children
- in-laws
- relationships which have the characteristics of married partners or a civil partnership.