By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Topics

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Finance
    • Marketing
    • Technology
    • Business Books
    • Wellness
    • Interviews
    • Franchise

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Trending
    TrendingShow More
    Communicate Better
    Start Your Business Start Your Business
    Majority of UK Employees Looking for a New Job
    Start Your Business Start Your Business
  • How To
    How ToShow More
    How To Start A Maintenance Business In 8 Easy Steps
    Start Your Business Start Your Business
    Tips for Running a Restaurant in the Most Efficient Way Possible
    Start Your Business Start Your Business
    Becoming self employed…
    Start Your Business Start Your Business
    Vet Start up
    Start Your Business Start Your Business
    Builder’s Growth
    Start Your Business Start Your Business
  • Agenda
    AgendaShow More
    The Positive Impact Of Bringing Nature Into The Office
    Start Your Business Start Your Business
    The Beauty and Versatility of Timber: A Guide to Using Wood in Construction and Design
    Start Your Business Start Your Business
    Could On-site Safety Hold Back Growth of the Construction Industry?
    Start Your Business Start Your Business
    5 Strategies To Attract More Customers To Your Restaurant
    Start Your Business Start Your Business
    4 Vital Safety Precautions to Take During Office Renovations
    Start Your Business Start Your Business
Reading: Secrets to Successfully Acquiring Your Second Home in the UK
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Contact
  • Blog
Search
  • Agenda
  • Blog
  • Finance
  • Growing
  • Marketing
  • Opportunity
  • Starting Up
  • Technology
  • Wellbeing
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Secrets to Successfully Acquiring Your Second Home in the UK

Start Your Business
Property
Share
5 Min Read

Purchasing a second home in the UK can be an exciting prospect. Over 5.5 million adults in the UK own more than one property and use their additional ones for various purposes, including as a second residence, holiday lets or buy-to-let investments. However, the process is slightly different than your first purchase, and already having a mortgage can make this more complicated if you don’t do your research and know precisely what is required of you. Before you take the plunge, read the following tips for an easier process.

Contents
Ensure You Have at Least a 15% DepositDo Your Calculations Carefully to Ensure Affordability for Two MortgagesPay Attention to Stamp DutyBe Realistic About the Type of Property You Need and How Often it Will Be UsedConclusion

Ensure You Have at Least a 15% Deposit

The first step to successfully acquiring your second home in the UK is ensuring you have enough money for a substantial deposit. Generally, you need to have at least a 15% deposit saved up to obtain a mortgage. However, this number can vary depending on the lender and the type of mortgage you are looking to acquire. A larger deposit can help you secure a better rate and may even make you eligible for different mortgages.

It is also essential to be aware of any additional costs that may be associated with the purchase of your second home. Many lenders require additional funds for stamp duty, solicitor fees, and insurance. It is important to factor these costs into your calculations to ensure you have enough money saved up for the entire process.

Do Your Calculations Carefully to Ensure Affordability for Two Mortgages

Once you have saved up enough money for a deposit and any additional costs, the next step is to make sure you can afford two mortgages. You will need to calculate both mortgages’ total monthly cost and ensure it fits within your budget. It is important to consider other bills and expenses you may have to pay besides your mortgages.

If you plan on renting out your second home, you will need to factor in the potential rental income and ensure it is enough to cover the cost of both mortgages. It is also essential to ensure you can cover the cost of repairs and maintenance for both properties. Considering the long-term implications of taking out a second mortgage is also necessary.

Pay Attention to Stamp Duty

Stamp duty is a tax levied on all property transactions in the UK. It is essential to understand how much stamp duty you must pay and factor it into your calculations. Stamp duty rates vary depending on the property’s value and location. Second-home buyers can sometimes be eligible for a stamp duty refund if the property meets specific requirements. It’s best to check eligibility to see if you can claim any or all of this payment.

Be Realistic About the Type of Property You Need and How Often it Will Be Used

Before you search for a second home, it is essential to be realistic about the type of property you need and how often it will be used. If you plan on using the property as a rental, it is important to ensure the property meets all safety and quality standards. You will also need to ensure that the property is in an area desirable to potential tenants.

If you are purchasing the property as a vacation home, you will need to ensure it meets your needs and is located in an area you enjoy visiting. You should also ensure that you have enough money saved to cover the property’s costs in the event that you do not use it as often as you had anticipated.

Conclusion

Purchasing a second home in the UK is an excellent option for many homeowners who want to expand their portfolio or provide additional living facilities to accommodate their lifestyle. Whatever your reason, ensure you know exactly what this involves before taking the leap.



Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business February 23, 2023
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
We use technologies like cookies to store and/or access device information. Cookies are used for ads personalisation We do this to improve browsing experience as well as show personalized ads. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Join Us!

Sign up to our free newsletter and never miss a hot topic!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?