A second home to use, not let? Here's how it's financed.
A second home mortgage funds a property you'll use yourself — a holiday home, a weekday bolthole near work, or a place near family — rather than let out. It's a residential mortgage, so it's assessed on your income affording two mortgages at once, usually needs a larger deposit than your main home, and attracts the higher-rate stamp duty surcharge on additional property. As a whole-of-market, FCA-authorised brokerage, we arrange second homes around contractor and complex income.
- TypeResidentialOwner-occupier lending
- Deposit / equity5–25%+Depends on the scheme and rate
- ServicePhone · video · emailAdvised around your schedule
- AdviceWhole-of-marketDirectly FCA authorised
Second home vs buy-to-let
A second home is for your own use and is assessed like a residential mortgage on your personal income. A buy-to-let is for renting out and is assessed mainly on rental income. If you plan to let it to holidaymakers, you need a holiday let mortgage instead — using the wrong product can breach your mortgage terms.
How affordability works
Because you'll be running two mortgages, lenders check that your income comfortably covers both, alongside your outgoings. A strong, stable income and a deposit typically from 15–25% open the most choice. Contractor income is assessed on your day rate — see contractor mortgages.
Stamp duty on a second home
Buying an additional residential property usually triggers a higher-rate SDLT surcharge on top of standard stamp duty. Rates and thresholds change, so check the current position — our stamp duty for contractors guide explains the principle.
Weekday boltholes for contractors
Contractors working away from home often buy a second property near a long-term contract. Lenders can accommodate this where affordability and purpose are clear — we position the application so the reason is understood.
Talk it through
Speak to an adviser with your income and plans, or estimate with the contractor mortgage calculator.
Lenders for second homes — a selection
Lender guides: Halifax · Barclays · HSBC · NatWest · Nationwide · Accord · Clydesdale · Yorkshire BS · Kensington See how we place cases →
Second Home Mortgages, answered
What is a second home mortgage?+
It's a residential mortgage for a property you'll use yourself, such as a holiday home or weekday bolthole. It's assessed on your income covering two mortgages, not on rental income.
How is it different from buy-to-let?+
A second home is for personal use and assessed on your income; buy-to-let is for renting and assessed on rent. Letting a second home without the right product can breach your terms.
How much deposit do I need?+
Often 15–25%, more than a typical main-home deposit. A larger deposit widens choice and improves rates.
Do I pay extra stamp duty?+
Usually yes — an additional-property SDLT surcharge applies on top of standard stamp duty. Rates change, so check the current figures.
Can contractors get a second home mortgage?+
Yes. Lenders assess your day rate for affordability across both mortgages, just as they would for your main residence.