Will you sell your current home, keep it to live in, or let it out? That decision changes where the deposit may come from, which mortgage route to check and what cash you may need at completion. Count Ready can help you put the funding plan together before you commit.
There is no deposit percentage that applies to every second purchase. The lender will look at the new property's use, its value and type, the borrowing requested, the source of your contribution and whether the repayments are affordable alongside commitments you already have.
A home you will move into, a second home for personal use and a property you intend to let can lead to different mortgage assessments. If you are selling your current main home, your usable sale proceeds may contribute to the new price. If you keep it, the equity shown by a valuation is not automatically cash you can put down.
Start with the expected sale price, the mortgage balance, selling costs and any early repayment charge. Your conveyancer can estimate the net money and confirm when it can be used in the purchase. Ask how the sale and purchase dates fit together.
You may need to show that you can afford both homes and all related costs. Tell the lender how each property will be used. A separate second-home mortgage assessment may be needed for the new purchase.
Do not assume your current residential mortgage allows tenants. Discuss the lender's consent or a possible change to let-to-buy finance, and how the existing loan and any rental assessment affect the new application.
If guests will stay for short periods, see the separate holiday-let mortgage page. A lender must be told the real intended use; one product label does not give permission for every use.
Possibly, but first separate paper equity from money that will actually be available. The difference between an estimated property value and outstanding mortgage is only a starting figure. A sale, further advance, remortgage or second-charge loan can each have different costs, approval requirements and risks.
The £120,000 is simple arithmetic, not an amount a lender has agreed to release. If you sell, repayment, legal and selling costs, charges and the actual sale price affect the net proceeds. If you keep the home, new borrowing would require a lender assessment and would add repayments. Do not base an offer on this estimate alone.
Ask your existing lender about the mortgage balance and any early repayment charge. An adviser can help compare the cost and suitability of possible borrowing routes; your conveyancer can confirm what funds arrive and when. Our remortgage advice page covers the wider refinance decision.
List savings, sale proceeds, a genuine gift or any proposed borrowing separately. A lender and conveyancer can require evidence of where the funds came from. If the sale of your current home must complete first, tell your conveyancer before you rely on that money for an earlier contract payment.
Allow for existing and proposed mortgage repayments where both homes will be kept, plus insurance, maintenance, council tax or running costs. Include legal fees, survey, moving costs and a reserve rather than putting every available pound into the deposit.
Buying an additional home can trigger higher tax rates, while replacing a main residence may be treated differently. Rules depend on ownership, dates, location and the other buyers. Ask your conveyancer to check the actual liability before you set the cash budget.
England and Northern Ireland use Stamp Duty Land Tax, Wales uses Land Transaction Tax, and Scotland uses Land and Buildings Transaction Tax with an Additional Dwelling Supplement where applicable. The rules and rates can change. Our SDLT calculator is only a starting estimate for England and Northern Ireland; it does not calculate the Welsh or Scottish taxes.
For more detail on documents that may establish a deposit's origin, see what you can use for a mortgage deposit. For payment timing in an England or Wales purchase, see mortgage deposit versus exchange deposit.
Which home will you live in? Will the other be sold, kept for personal use or let? Give the location and approximate price of the proposed purchase.
Share an estimated value, mortgage balance, current payment, any known charge and the sale or letting timetable. Rough figures are enough to start.
We can discuss the proposed deposit source, affordability, property use and current lender criteria. Your conveyancer confirms legal and tax figures.
If a route appears worth exploring, we explain the evidence and application steps. The lender makes the lending decision after its own checks.
The first conversation does not require statements, identity documents or account numbers through an open message. Read about Count Ready and the Terms of Business linked in the footer before proceeding; any applicable fee should be agreed before chargeable work.
Tell us whether you will sell or keep the current home, who will use the new property, the approximate price, deposit and source, and your timescale. We can identify the mortgage questions to check without promising a product or approval.
No. “Second mortgage” can mean a second-charge loan secured on a property you already own. A second-home mortgage funds another property. Tell an adviser whether you want to raise money against your current home or borrow to buy an additional one.
No single percentage applies. The lender's current product, the property, its intended use, your existing borrowing and affordability determine what contribution is needed. Do not assume a deposit quoted for one purpose will work for another.
Potentially, through sale proceeds or approved new borrowing. Estimated equity is not automatically available cash. A sale has repayment and transaction costs; borrowing against a home adds debt and depends on lender checks.
Tell your existing lender before letting it. You may need consent or a suitable let-to-buy arrangement, while the new home needs its own mortgage assessment. Rental expectations, existing payments and property tax all require checking.
Possibly. Higher rates can apply when you buy an additional dwelling, while a replacement main residence may be treated differently. Rules vary between England and Northern Ireland, Wales and Scotland. Ask your conveyancer to calculate the amount for your ownership and completion dates.
It may be possible, but the money needed and risks change if sale proceeds are not yet available. Discuss the purchase timetable, any interim borrowing, existing repayments and possible higher property tax with your adviser and conveyancer before committing.
Sources checked 26 October 2026. General UK information only: this is not a lender offer, tax calculation, legal opinion or guarantee of mortgage approval. Confirm current lender criteria, product terms and purchase taxes for your case before acting.
