Second homes

Financing a property beyond your main home.

Whether you are purchasing a weekend home, city residence or additional property for personal or family use, our advisers can help you understand how lenders may assess the purchase alongside your existing commitments.

Discuss your second home See how it works

+44 (0)20 7459 4822 enquiries@intra-pf.com

Luxury rooftop terrace overlooking London

Additional property

Understand affordability

Property use

Structure the right mortgage

Additional residential property

A second home is assessed alongside the property you already own.

Owning one property already does not necessarily prevent you from financing another, but it changes the way lenders assess the application.

Your existing mortgage, household commitments, income and the costs associated with maintaining another property will normally form part of affordability.

The intended use of the new property is also important. A second residence used personally is treated differently from a property purchased primarily for rental income.

✓Existing property commitments

✓Additional residential borrowing

✓Property-use assessment

✓Lender criteria research

Why clients buy

A second home can serve many different purposes.

Understanding how the property will actually be used helps determine which mortgage structure may be appropriate.

Weekend or holiday home

A property used personally for weekends, holidays or part of the year may be considered as a second residential home by suitable lenders.

Family-use property

Some clients purchase an additional property for regular family use, for children studying away from home or to remain closer to relatives.

City residence

Professionals may require an additional residence closer to work while retaining their main family home elsewhere.

Future main residence

A property may initially be purchased as a second home with the intention of becoming the main residence at a later stage.

Higher-value property

Second-home purchases can involve substantial property values and may require more detailed affordability or private-bank consideration.

International circumstances

Clients with overseas income, residency or assets may require lenders able to consider a more internationally complex financial position.

Property use

Second home, buy-to-let or holiday let?

The intended use of the property matters because different types of occupation can require different mortgage products and lender criteria.

A property purchased principally for your own use is different from one intended to generate rental income. Establishing this at the outset helps avoid approaching lenders with the wrong mortgage structure.

Discuss how the property will be used

Second home

A property primarily intended for your own personal use rather than being purchased principally to generate rental income.

Buy-to-Let

A property purchased with the intention of letting it to tenants, generally assessed under dedicated buy-to-let lender criteria.

Holiday let

A property operated as short-term holiday accommodation may require specialist lending rather than a standard residential or buy-to-let mortgage.

What lenders consider

The wider financial picture becomes increasingly important.

The application will normally be assessed alongside your existing mortgage and the ongoing costs associated with maintaining another property.

Existing mortgage

Your current residential mortgage and monthly payments will normally form part of the affordability assessment for the additional property.

Deposit

The deposit required will depend on the lender, property and circumstances. Some lenders apply different loan-to-value limits to second homes.

Affordability

The lender will usually assess both the new borrowing and your existing financial commitments when considering affordability.

Property use

How the property will be occupied is important. A genuine second home is assessed differently from a property intended to generate rental income.

Running costs

Council tax, utilities, insurance, maintenance and other ownership costs can increase when maintaining more than one property.

Tax considerations

Additional property purchases can have different tax implications. Independent tax and legal advice may be appropriate for your circumstances.

Affordability

The lender needs to understand the cost of both homes.

Your existing residential mortgage will usually remain part of the affordability calculation when you purchase another home.

Lenders may also consider ongoing property costs and other financial commitments when assessing whether the new mortgage is sustainable.

Existing mortgageNew mortgageHousehold expenditureProperty running costsOther commitments

Higher-value second homes

Larger second-home purchases can require a different lender strategy.

Higher-value borrowing can bring additional lender options as well as additional complexity.

Mainstream banks may be able to support substantial second-home borrowing, while specialist lenders or private banks may be relevant where the loan size, income structure or wider financial position requires more bespoke consideration.

The appropriate route depends on the property, loan-to-value, income, assets and existing borrowing rather than the purchase price alone.

Explore large mortgages→

International circumstances

Additional UK property for clients whose finances extend overseas.

Overseas income, foreign residency, international assets and existing property outside the UK can all affect which lenders are able to consider an additional UK residence.

Intra has experience supporting international clients purchasing and financing UK property across a wide range of circumstances.

Explore international mortgages

How we work

Understand the property and how it fits into the wider financial picture.

Our process begins with the purpose of the property, your existing commitments and the borrowing required before researching appropriate lender criteria.

Understand the purchase

We begin by understanding the property you are looking to buy, how you intend to use it, your existing property commitments and the borrowing required.

Review affordability

Your adviser considers your income, existing mortgage payments, other commitments and the additional costs associated with owning another property.

Research lender criteria

Different lenders have different approaches to second homes, additional residential properties and properties used only for part of the year.

Structure the application

Once an appropriate lending route has been identified, we prepare the application around the lender's requirements and your wider circumstances.

Manage underwriting

Our adviser and administration team remain involved through lender queries, valuation and any additional information required during underwriting.

Complete

We continue to support the case through mortgage offer and the wider transaction through to completion.

Lender access

Different lenders have different appetites for second homes.

Deposit requirements, affordability calculations, acceptable property use and maximum loan sizes can vary. Our lender access includes mainstream banks, building societies, specialist lenders and private banks.

High street banksBuilding societiesSpecialist lendersPrivate banks

Lender availability and suitability depend on individual circumstances and lending criteria.

Why Intra

Advice that considers the additional property in context.

A second-home purchase needs to work alongside your existing mortgage, household commitments and longer-term property plans.

Understand the purpose

We establish how the property will be occupied and whether a residential second-home mortgage is appropriate.

Review existing commitments

Your current mortgage and wider financial commitments are considered alongside the new borrowing.

Research lender criteria

Different lenders take different approaches to additional residential properties and affordability.

Manage the application

Our administration team remains involved through underwriting, valuation, mortgage offer and completion.

Related property requirements

Explore other ways of financing additional property.

Property investment

Buy-to-Let

Mortgage finance for properties intended to be let to tenants, from individual landlords to more experienced investors.

Higher-value lending

Large Mortgages

More substantial borrowing across mainstream, specialist and private-bank lending routes.

International

International Mortgages

UK property finance for clients with overseas income, residency or wider international circumstances.

Frequently asked questions

Second-home mortgage questions.

These answers are general. Your options will depend on the property, intended use, existing commitments and lender criteria.

Can I get a mortgage for a second home?

Potentially. A range of lenders consider second-home applications, but they will normally assess your existing mortgage, income, commitments, deposit and intended use of the additional property.

How much deposit do I need for a second home?

Deposit requirements vary between lenders and depend on the property, loan size and wider circumstances. Some lenders apply different loan-to-value limits to additional residential properties.

Will my existing mortgage affect affordability?

Yes. Your current mortgage payment and other ongoing commitments will normally be included when the lender assesses affordability for the second property.

Can I rent out my second home?

A standard residential second-home mortgage may not permit the property to be rented out. If the intention is to let the property, buy-to-let or another specialist lending route may be more appropriate.

Can I buy a second home for a family member to use?

Potentially. The appropriate mortgage will depend on who will occupy the property, whether rent will be paid and the lender's individual criteria.

Can I get a large mortgage for a second home?

Potentially. Higher-value second-home borrowing can involve mainstream lenders, specialist lenders or private banks depending on the loan size, income, assets and property.

Are there additional taxes when buying a second property?

Additional property purchases can be subject to different tax treatment. Tax rules can change and depend on individual circumstances, so independent tax advice should be obtained where appropriate.

Your home or property may be repossessed if you do not keep up repayments on your mortgage or other loan secured upon it.

Buying another home

Discuss how an additional property could fit your circumstances.

Speak with an Intra adviser about your existing property, intended use of the new home and the borrowing required.

Speak to an adviser +44 (0)20 7459 4822

enquiries@intra-pf.com