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Second Home Mortgages

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Eligibility Criteria for Second Home Mortgages

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Second Home Mortgages Overview

Getting a second mortgage to buy another home is challenging but certainly possible if you convince the lender it is affordable.
How one might do this will vary depending on certain factors, such as how much equity you have in your other property or if you plan to rent out your second home.
Explore our articles below to learn more about second-home mortgages and the steps you need to take to succeed in your application.

Explore our complete guide to second home mortgages. We run through everything from eligibility criteria to deposits. We also show you how to find a broker who understands your needs.

Eligibility Criteria for Second Home Mortgages

Wondering if you're even eligible for a second home mortgage? We run through standard requirements to help boost your chances of being accepted.

Securing The Best Second Home Mortgage Rates

Discover how to get the best possible rate on your second home mortgage with our helpful hints and advice. Don't pay more than you need to!

Second Home Mortgage Providers

Read our guide to the potential lenders to consider. Learn who they are, what they are looking for, and how a broker can help you approach the right one.

Second Property Mortgage Deposits

Wondering how much equity or deposit you need to secure your second home mortgage? We answer this question and more in our helpful deposits guide.

Second Home Mortgage Calculator

We shed some light on how second home mortgages are calculated and how to make the most of expert advice from brokers instead of trusting online tools.

Second Charge Mortgage Affordability

Is your second home mortgage even affordable? We look at how affordability is calculated on your second home and how stress testing your finances works.

How Many Mortgages Can I Have?

Want to take on more mortgages? We explore how many you can have and how to work with brokers accustomed to assisting with second mortgages and beyond.

Our Guide to Second Home Mortgages

Explore our complete guide to second home mortgages. We run through everything from eligibility criteria to deposits. We also show you how to find a broker who understands your needs.
Eligibility Criteria for Second Home Mortgages
Wondering if you're even eligible for a second home mortgage? We run through standard requirements to help boost your chances of being accepted.
Securing The Best Second Home Mortgage Rates
Discover how to get the best possible rate on your second home mortgage with our helpful hints and advice. Don't pay more than you need to!
Second Home Mortgage Providers
Read our guide to the potential lenders to consider. Learn who they are, what they are looking for, and how a broker can help you approach the right one.
Second Property Mortgage Deposits
Wondering how much equity or deposit you need to secure your second home mortgage? We answer this question and more in our helpful deposits guide.
Second Home Mortgage Calculator
We shed some light on how second home mortgages are calculated and how to make the most of expert advice from brokers instead of trusting online tools.
Second Charge Mortgage Affordability
Is your second home mortgage even affordable? We look at how affordability is calculated on your second home and how stress testing your finances works.
How Many Mortgages Can I Have?
Want to take on more mortgages? We explore how many you can have and how to work with brokers accustomed to assisting with second mortgages and beyond.

Remortgaging in the United Kingdom right now is quite an attractive proposition for some, but not for those who have bad credit or less than straightforward income picture. For many people, the process of remortgaging is as simple as can be, but with lenders tightening their belts in recent years, what might seem like minor issues can really put a halt to proceedings.

Applying to remortgage with the company you already have your existing mortgage with can seem like the most logical step, but doing so can really narrow the field down for you. With mortgages most often in the hundreds of thousands, just a few percentage points can make a big difference to the amount you pay each month, so getting the best deal possible is important and searching the market is the way to do it.

Equity

One important factor to consider when you are remortgaging is the amount of equity you have in the property, compared to the amount you still owe on your mortgage. This ratio is known as your Loan to Value (LTV) and the larger the amount you actually own in your property, the more products that you’ll have open to you.

Getting the best rate

The remortgage rates on offer right now are some of the lowest the market has ever seen, although it’s important that you check the small print of any deals that you see advertised, as they can often include a nasty surprise in the form of application and arrangement fees. It’s also vital that you look at the entire cost of your remortgage, rather than just being drawn in by the flashing lights of the headline offer.

Your circumstances

The particulars of your own financial situation will have a large bearing on your application to remortgage, as the criteria that must be met can vary a lot from lender to lender. Some mortgage companies will only base their decision on your main income, whilst other more flexible lenders will take other earnings, share dividends and self employed income into account.

Your credit score will also affect the deals that are open to you, as new responsible lending guidelines since the Credit Crunch mean that if your score isn’t great, it can really limit your chances with mainstream lenders. However, it doesn’t mean that you can remortgage. It just means you have to apply to a lender who caters for people with poor credit.

As we said before however, the more equity you have in your property, the less of a problem that this will be, as long as you can prove affordability.

Remortgaging can be used to pay off debts, provide funds for home improvement or anything else you see fit to spend it on. Before you jump into anything, we would always suggest doing your homework and really exploring the market to see what deals are out there.

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