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Second Mortgages

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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.

How is a second home mortgage different?

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.

What will you use it for?

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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Why choose Ignite?

Whether you’re taking out a mortgage for the first time or are shopping around after receiving an insurance renewal quote, it’s unlikely you’ll want to spend hours on the phone acquiring quotes. Well, now you don’t need to.

You can calculate your needs, get quotes, compare offers and take our insurance all from the comfort of your sofa with our help.

We’re a modern mortgage and insurance broker that aims to give you what you want – affordable finance and insurance at the click of a button with no upfront fees.

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