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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.


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...

Great service!! Shireen and Catherine were brilliant and very supportive during what can be a very stressful time. Polite, knowledgeable, friendly and always working hard to ensure our house sale and move went as smoothly as it could. I cannot praise them enough. I would highly recommend Richard Kendall if you are moving house. Claire 26/04/2024
My agent for the sale was Elizabeth Cooke. She was absolutely fantastic. Her enthusiasm for what she does shines through and it's a pleasure to deal with her. Would thoroughly recommend Elizabeth to anyone buying or selling. William 26/04/2024
Richard Kendall’s were the estate agents of the property we were purchasing and they were great. Lucy in particular has been amazing and has been brilliant at chasing things up and keeping everything moving. Thank you so much! Beth 26/04/2024
Fabulous service from start to finish! The valuation provided by David was very thorough and informative, and from that point the secretaries (Kirsty and Sophie) made sure the house was on the market quickly. Karen looked after my property and from her first vendor contact call she kept me updated the whole time, she provided me with suggestions on how best to market and sell the property and thanks to this within the month my property went from not on the market to sstc. The sales process can be a stressful life event but with the kindness and compassion shown by Karen, and the Wakefield office this sale has been made easy. Simone 26/04/2024
Selling my home was the biggest and most significant transaction in my life, who to trust? A good friend recommended Richard Kendal as a reliable and professional company, this was entirely validated through the excellent service I experienced from their Pontefract branch. Amanda Dyson who coordinated the presentation and sale of my home, kept me well informed with information and updates throughout the process, being reassuring and professional at all times. Viewings came quickly and in less than two months a sale was agreed, completion also following in good time. My thanks to everyone at Richard Kendal whose services I totally recommend. John 26/04/2024
I had a brilliant experience with Richard Kendall, both buying a property and selling. The communication was excellent, Donna Leeson was fantastic and always kept me up to date. Will definitely recommend Richard Kendall, thanks again! Abby 26/04/2024
I found my experience very professional and easy to deal with and they sorted everything out that met my expectations !!! Shane 26/04/2024
This is now the second house that I have sold via Richard Kendall and to be quite honest I wouldn't consider using anyone else. Yes there are cheaper agents around that make you pay upfront, take all your own photos, arrange your own viewings etc but in my experience moving house is stressful enough without having to do all that as well. With Richard Kendall you can be confident that they are doing their upmost everyday to market your property via there many different media platforms to get you those viewings. The beauty is that they don't charge until completion either so you know it's in their interest to do everything they can to make that sale. Always professional, quick to respond and pleasant to deal with. I highly recommend them to anyone. Amanda and all of the team at the Normanton office were brilliant! I don't plan on moving anywhere else just yet but if I do I will be straight on to Richard Kendall once again. Thanks guys. Neil 26/04/2024
Karen Marijewko has been great throughout the experience! Very straightforward and to the point in a lovely polite manor which made things very efficient. Always quick to respond and deal with any issues that came up. Really glad we had Karen to guide us through the process. Ryan 26/04/2024

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