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From a place to lay your head in the city to weekend bolt holes, a second home mortgage helps you to purchase an additional property. Not to be confused with a remortgage or second charge mortgages, a mortgage for a second home is separate to any loans on existing properties.
A second mortgage differs to a basic residential mortgage as you will already be making monthly contributions towards a loan, something that lenders will take into account when considering your eligibility and affordability.
Even if you decide to live in the new property, it will still be treated as a second home mortgage. Furthermore, you will likely need a larger deposit for a second property purchase than your first and interest rates may be slightly higher.
A second mortgage is designed as a mechanism for purchasing a second home, which you live in part of the time. If you’re considering making a purchase as a Buy-to-Let investment, a mortgage designed for this purpose may be more suitable.
Learn more about Buy-to-Let mortgages >
You should be aware that higher rates of stamp duty on second properties may be payable.
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