Second property
Buying a second property
Whether it is a holiday home, a home for family or an investment, buying a second property comes with extra things to think about. We can help you plan.
Talk to TonyAt a glance
- Options include a second home or a buy to let
- Extra costs, such as additional taxes, may apply
- Lenders look at how you will afford both properties
What are my options?
You might buy a second home for yourself or family, or buy to let. Each has different lending criteria, costs and tax considerations, so it helps to plan before you make an offer.
Who it may suit
Everyone's situation is different, but these are some of the situations where people look at this.
How it works with Tony
Good to know
- Additional taxes may apply when buying a second property in Scotland or elsewhere in the UK. Speak to a tax adviser or your solicitor.
- Lenders will look at your existing borrowing and how you will afford both mortgages.
- For buy to let, rental income and your circumstances may be part of the lender's assessment.
- Your home, and any other property secured against a mortgage, may be repossessed if you do not keep up repayments.
Meet your adviser
Hi, I'm Tony Flynn
I'm a mortgage and protection adviser based in Carluke, helping people across Lanarkshire and Scotland.
I've spent 15+ years in finance and have been named Mortgage Professional of the Year at the Prestige Awards Scotland five years in a row. I'll explain your options in plain English so you know exactly where you stand.
Second Property questions
Can I get a mortgage on a second property?
Often yes, depending on your circumstances and the lender. Tony can talk through what may be possible.
Will I pay extra tax?
Additional taxes may apply when buying a second property. Please speak to your solicitor or a tax adviser for tax advice.
Is buy to let different?
Yes. Buy to let mortgages have their own criteria, and lenders often look at expected rental income. See our buy to let page.
Can I let out my current home when I move?
Sometimes, but you may need your lender's permission or a different type of mortgage. Speak to us first.
Do you charge a fee for mortgage advice?
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Ready to talk it through?
A quick chat with Tony is a good first step. No jargon, no pressure.
Talk to Tony