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Buying a second property in the UK can be a complicated process as the government seeks to cut down on second property ownership due to the housing shortage. This guide will discover the ins and outs of buying a second property.

What Makes a Second Property Different from the First? Buying a second property comes with its own unique set of challenges and considerations. Unlike your first property, where you may have enjoyed tax breaks such as no or lower stamp duty and a wide range of mortgage options. With a second property, there will not be as many mortgage products available as the key requirement for residential mortgages is to reside in the house you are buying.

Will I Need a Different Type of Mortgage?

Yes, if you are buying a second property, you will need a different type of mortgage. The specific type of mortgage required will depend on how you plan to use the property. For example, if you intend to let out your second property to holidaymakers, you will need a holiday let mortgage. On the other hand, if the second property will be your own holiday home, you will require a residential second home mortgage. Our expert team of mortgage brokers can provide guidance and help you find the most suitable product based on your needs.

How Much Can I Borrow for a Second Property?

The amount you can borrow for a second property depends on its purpose. If you plan to buy a property for buy-to-let purposes, the lender will primarily consider the property’s monthly rental assessment. If the rental income meets the lender’s calculation, you can typically borrow up to 75% loan-to-value (LTV). However, if the second property will be another residence, you may face challenges with mortgage affordability. Your income is likely to be stretched from your primary residence, especially if you already have a mortgage on it. Consequently, you should expect to borrow less for your second property compared to your primary residence.

What Costs are Involved with Buying a Second Property?

Conveyancing Costs

Conveyancing costs in the UK typically average around £1,500. These costs cover various aspects, including property searches, contract drafting, and filing ownership with the Land Registry. Insurance Costs

You will need buildings cover (home insurance) for your second property, and since you may not occupy the property for most of the year, the insurance premiums can be higher.

Stamp Duty

Stamp Duty Land Tax (SDLT) applies to second properties and is charged at the standard rate plus an additional surcharge of 3%. The rules for second home stamp duty are complex and even apply to properties outside the UK. For instance, if you own a property in France and are purchasing your first home in the UK, you will be subject to the second home stamp duty rate. The amount of stamp duty payable varies based on the property’s value, with a property valued at £300,000 incurring a stamp duty charge of £11,500.

Deposit

As with a standard residential mortgage, you will need to provide a deposit for your second property. The minimum deposit requirement for a residential mortgage on a second property can vary depending on the lender but generally tends to be around 15-20% of the purchase price. The deposit requirements for a second residential property are often higher than for a first time buyer. How a Mortgage Broker Can Help A mortgage broker is vital when trying to secure a second home mortgage. With access to a wide array of lenders and mortgage products, a broker can identify options specifically suited to the borrower’s financial profile and the unique considerations of purchasing a second home.

Are you looking to buy a second home? Richard Kendall Estate Agent works in partnership with SMH Finance LLP who would provide the 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗮𝗱𝘃𝗶𝗰𝗲. Speak to one of SMH Finance LLP specialists today

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What Our Customers Say...

Joanne and Donna have been truly outstanding throughout my sale. I can’t thank either of them enough for the work they have put in. They’ve shouldered every bit of emotion and supported me beyond belief - I’m not sure this sale would have completed without them. I couldn’t recommend RK’s enough, and would like to recognise their professionalism, hard work, determination and attitude shown. Thank you to the team at Richard Kendall’s and thank you especially to both Joanne and Donna! Sam 15/07/2024
We were kept up to date on the progress of the sale of our property. Elizabeth Cooke was efficient and very helpful. Elizabeth was very friendly and always made you feel at ease. Lorraine 15/07/2024
Great experience from start to finish. Richard Kendal helped us to rent a house. It's been a first time experienced for us in the rental of a new place via Richard Kendall at a local branch at Horbury and Jessica Judd was very supportive, friendly, professional and polite throughout the whole process. Jessica is a real credit to her company and I would definitely use the services of Richard Kendal again in the future. Monica 15/07/2024
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Thank you to Alice and Francesca for sorting out our rental property. Without all your help, we would have really struggled. Alice answered all our questions and was so helpful. Thank you Claire 15/07/2024
Richard Kendal have been amazing during the whole process of me selling my house. Catherine ensured my valuation was booked in quickly to get the process moving along. My house went up on the market and was sold in the first couple of days. I can’t thank Catherine and Shireen enough for their support and updates throughout the whole sale! Would recommend! Tyler 15/07/2024
I cannot recommend agent Karen Marijewko at Richard Kendall Wakefield, highly enough for her outstanding professionalism and attention to detail throughout our property buying experience. From the initial viewing to the final signing, Karen demonstrated a deep understanding of the market and superb negotiation skills. Her dedication and commitment to finding us the perfect property did not go unnoticed. Thanks to Karen, we were able to secure the beautiful property at Western Road, Tingley, which we now call home. If you are looking for a knowledgeable and attentive estate agent, look no further than Karen Marijewko at Richard Kendall. Steven 15/07/2024
We sold two properties in Ossett, and the support and help we received from the Ossett office, and Lucy in particular, was fantastic. Both sales were problematic to some extent, one requiring a deed of variation, and the other one requiring additional documentation from the buyer and their solicitor. On multiple occasions, Lucy helped coordinate activities and actions across both sets of solicitors, and the buyer and seller, ensuring that the sales both went to completion. Without her involvement, at least one of the sales would have fallen through. The original marketing of the properties and guidance on asking price was done very professionally, and Richard Kendall’s support in allowing one of the buyers to rent out the property as the sale went through allowed us to accept a slightly lower asking price. I would happily recommend them, and would use them again for future purchases and sales. Andy 15/07/2024
First class service as always, we always use Richard Kendall & we wouldn’t use anyone else. Thank you to Helen who was brilliant & very efficient. Teresa 15/07/2024

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