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Specialist second home mortgage advisors.

Buying a second home is exciting, and we’re here to make it easy too. Talk to our mortgage advisors today and we’ll make your future plans possible.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Second Home Mortgage Deal For Your Circumstances

If you’ve decided to take the plunge and invest in a second home, you will no doubt be looking into the finance options available to you. The good news is that second home mortgages work in the same way as regular mortgages. With the right team on your side your side, you can feel confident in your chances of success. Whether you are looking to purchase a family holiday retreat or a home away from home to reduce your commute, we can help you seek out the most appropriate mortgage deals on the market for you.

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Helping you grow your assets. 

You might think buying a second home is complicated, but we’re here to make things simple. Though there are additional financial considerations, second home mortgages are nothing to be afraid of. Our experienced second home mortgage specialists have helped people grow their assets successfully. With in-depth knowledge of the mortgage market, we’re committed to helping you achieve your future goals.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What is a second home mortgage?

A second home mortgage is exactly what it sounds like – a long term loan in your name secured against a second property. It is completely separate from your existing mortgage, and shouldn’t be confused with remortgaging – this is a second mortgage, but on the same property. Second home mortgages can help those with growing wealth to expand their portfolio and enjoy some extra space whether as a holiday home or partial residence.

How much can I borrow with a second home mortgage?

The amount you are able to borrow will depend upon the same criteria as any other mortgage. Using their standard affordability calculations, lenders will work out the amount they will lend based on your income and monthly outgoings. Of course, the only difference to consider when it comes to second home mortgages is that your existing mortgage repayments will also form part of your outgoings – which may mean the amount you can borrow is lower than your existing mortgage. However, there are lenders out there you use larger income multiples in their affordability calculations – if you want help accessing these lenders, talk to our team today!

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How much deposit will I need for a mortgage on a second home?

Most second home mortgages are treated in exactly the same way to a standard residential mortgage. And, as with any mortgage, the higher the deposit, the better your terms are likely to be. More than that, a higher deposit can help mitigate the impact of bad credit or any adverse financial history, as the lender will perceive you as less of a risk. Despite this, you don’t have to put down an enormous deposit in order to secure your second home. Talk to one of our advisors today and we can talk through your financial situation and get to work identifying the best options available to you.

Do I have to pay a higher stamp duty charge if I am purchasing a second home?

We hate to break it to you, but yes. If you’re buying a property in addition to your main residence, rather than to replace it, you will be liable for extra stamp duty charges. Currently, all those who buy a property valued at £125,000 of higher will have to pay stamp duty. If the property in question is your second home, you will also be charged an additional 3% of the property’s value.

Frequently Asked Questions

Can I let out a second home?

A second home is normally just that – a home. It is an additional residence that you intend to live in for periods of time, whether that is for holidays or for work. If you are purchasing a second property as an investment and want to let it out, a buy to let mortgage might be more suitable for your needs. However, some lenders will allow you to use your second home as a short term let or holiday rental, so there are options for hybrid use here!

Yes, as long as you have sufficient equity in your current home and you fit a lender’s affordability criteria, there is no reason why you can’t look to release money from your main residence. It’s important to understand that this will have implications for your existing mortgage though, so think through your plans carefully before making any decisions. Our team of experienced mortgage advisors can help you explore your options and achieve the most suitable mortgage for your circumstances – whatever the size of your deposit. We’ve helped many clients looking to purchase second homes achieve the finance they need to do so.

There is no limit on the price of your second property, other than that which is determined by your deposit and income. The amount you can borrow will be determined by the lender using income multiple calculations. In the UK, the average income multiple is 4.5x, but there are lenders who work differently and may allow you to borrow more. With a good deposit and a large income, your income multiple calculations are likely to allow you to borrow a sizeable amount of money. You would also, of course, need to consider legal work and stamp study in your financial calculations. If you’re unsure exactly what your budget should be, talk to one of our experienced mortgage advisors and we’ll help you figure out exactly what you can expect to borrow.

Expert advice & support for your second home mortgage.

When the Bank Says No is a team of trusted mortgage advisors with a passion for helping clients achieve their second home. Whatever your situation – whether you have bad credit, a small deposit, or are looking to release equity from your current house – we can help you asses your options and move forwards confidently and well informed. To us, nothing is more important that making our clients’ property dreams a reality. When it’s time to expand your property portfolio, our advisors are here to handle the details.

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