If you're considering purchasing a second property in the UK, we are here to help.
At Swansea Building Society, we understand that owning a second home can be an exciting prospect. Whether you're looking for a holiday home or an investment property, we offer a range of second home mortgage options to suit your needs.
Our expert team will work with you to understand your financial situation and help you choose the best mortgage option for you. We offer flexible repayment terms and repayment periods of up to 40 years.
We are committed to responsible lending practices and will only offer you a mortgage that we believe you can afford. Our team will provide you with a clear breakdown of the costs and help you understand the fees involved.
At Swansea Building Society, we are committed to providing a transparent and honest service to all our customers. Our team will guide you through every step of the process, from the initial application to the completion of your mortgage.
In the United Kingdom, stamp duty land tax (SDLT) is a tax that is levied on the purchase of second homes. The amount of SDLT that is payable on a second home will depend on the purchase price of the property and whether the purchaser is a UK resident or non-UK resident.
As of March 2023, the current stamp duty rates for second homes in England, Wales and Northern Ireland are:
For example, if you were to purchase a second home for £500,000, you would pay SDLT of:
It's worth noting that these rates can change over time, so it's always a good idea to check the current rates on the UK government website or speak to a qualified tax professional for advice.
If you're interested in a second home mortgage, contact us today to find out how we can help you achieve your goal. Our expert team are here to answer your questions and provide you with the support you need to make an informed decision.