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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...

Selling my house through Richard Kendall was a great move. Amanda at the Pontefract office was there for me every step of the way. I couldn’t have asked for a better person to handle my sale. She did a fantastic job with the communication between me and the buyer and always pushed the solicitors for updates. My sale wasn’t as straight forward as any of us had hoped but Amanda didn’t let that phase her. Her professional and friendly support continued though-out the whole process. I’d highly recommend Richard Kendall. Laura 10/06/2024
Joanne and Donna was amazing from start to finish if any enquiries I had and they both kept me up date with the process anytime something changed, would highly recommend these two if your buying through Richard Kendall. Jack 10/06/2024
A very smooth experience from valuation to completion with advice given to achieve the best price. I was kept informed at every stage of the very smooth process by Shereen and Kathryn Graham 10/06/2024
I sold my house and purchased a new one through Richard Kendall between Jan and May this year. The service was very good on both sides, but I must compliment Mandy, who managed my purchase. Throughout the whole process, which had its tricky moments, Mandy was polite, professional and - perhaps most importantly for me - a source of constant positivity and calm reassurance. She was communicative, proactive and provided a fantastic bridge to the vendor. Thank you Mandy, you are a star! Rachel 10/06/2024
It’s been a first time experienced for myself in the rental of a new place via Richard Kendall’s at a local branch at Horbury in Wakefield, which was quite a process due to all the checks required by a third party. Jessica Judd who I dealt with was very professional, polite, efficient, friendly and helpful during this process. I was really pleased that Jessica also pushed to get everything into place before I went away on holiday, taking away any anxiety about having a property to move into on my return to the UK. Jessica is a real credit to her company and would definitely use the services of Richard Kendall again in the future. Dean 10/06/2024
Had a great experience buying my property through Richard Kendall Wakefield. Karen Marijewko was brilliant from viewing the property and putting in my offer all through to completion. She was willing and happy to answer any question and made countless enquiries on my behalf. Thank you. Zara 09/06/2024
Excellent service. Very responsive and helpful with assisting in renting a property. Thanks Kelly and her colleagues :) K A 07/06/2024
Excellent communication throughout the process with first class support when needed. Neil 06/06/2024
We recently sold our family property and Suzy was amazing from start to finish! She really helped eliminate the stress of selling by keeping us updated throughout the whole process. Suzy was professional and personable. I would highly recommend Richard Kendall’s to anyone buying / selling and especially Suzy. Thank you so much. Beth 03/06/2024

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