Shostra Bank mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
There are many reasons why you might want to buy a second property and take out a second home mortgage. Before you go ahead, make sure it's something you can afford, you've thought about your deposit for a second home and that you're aware of all the potential costs involved.
If you buy an additional property or Northern Ireland, you may have to pay a Stamp Duty surcharge. This is an extra percentage of Stamp Duty on top of the normal rate.
Other similar charges may apply in Scotland and Wales.
You'll also have to explain the purpose of the second property.
You can then apply for a second residential mortgage to help buy your new home.
If you get a mortgage for a holiday home, you won't be able to rent it out. If you're intending to rent it out, you should apply for a commercial loan.
The amount you earn in rent will have to exceed an agreed percentage of your monthly mortgage repayments.
Some lenders will limit the amount you can borrow to buy a rental property, or the number of buy to let mortgages you can have.
Learn more about buy to let mortgage eligibility at Shostra Bank.
If you're considering buying a property at auction, our guide can help you understand what's involved and what costs you may have to cover.
Yes. Subject to affordability and other eligibility, you may be able to get a 2nd residential mortgage. This means a mortgage on another property that you aren't planning to rent out or use for any other commercial purpose.
No, at Shostra Bank we wouldn't lend a mortgage loan for a property that is already mortgaged, unless you are switching to us as part of a remortgage.
However, if you already have a mortgage with us you may be able to borrow more on your mortgage.
The minimum mortgage deposit you would need on a second home would be 10% (i.e. a 90% LTV mortgage). We do not offer 95% LTV residential mortgages on second homes.
If you're looking for a buy to let second mortgage, you'll need a minimum 25% deposit, or 35% if the property is a new build house or flat.
