Yes, you can take out another mortgage, even if you already have one. Lenders allow this when you can clearly show that both sets of repayments are affordable. They’ll assess your income, credit history, and current commitments before making a decision.

We regularly help clients who are looking to borrow again, whether that’s for a second home, a buy to let property, or to support a family member.

Why take out a second mortgage?

There’s no single reason why someone in Sunderland might take out a second mortgage, it depends entirely on your situation.

Some people are buying again for personal use, others are investing in property, and many are helping family members get on the ladder.

Whether you’re keeping your current home or starting fresh, lenders will assess your income, existing mortgage, and what the new property will be used for.

Buying a Second Home

You may want to buy a second home for work, family needs, or lifestyle reasons. If you plan to live in the new property, lenders will treat it as a residential mortgage.

They’ll expect your income to cover both sets of repayments. If you’re keeping your current home, that commitment will factor into their assessment.

Switching to Let to Buy

Many homeowners choose to move and rent out their existing property instead of selling. In this case, you’d need a let to buy mortgage on your current home and a standard residential mortgage on the new one.

Our mortgage advisors in Sunderland regularly help with let to buy cases and can guide you through the application process.

Buying a Buy to Let Property

Plenty of homeowners take out a second mortgage to invest in buy to let. Lenders usually base the offer on projected rental income, although some may also look at your personal income if you’re a new landlord.

You’ll typically need a larger deposit and a property that meets rental yield expectations. You can find out more about buy to let mortgages in Sunderland through our dedicated page.

Helping a Family Member Buy a Home

If you’re supporting a child or relative with their first home, a second mortgage could help cover the purchase. Depending on your plans, this could involve a joint application or another form of support.

Each option has different lending criteria, and we’ll explain how they work in practice. You can also learn more about first time buyer mortgages in Sunderland if you’re buying with or for a family member.

How Lenders Assess a Second Mortgage

Lenders always look at the full picture when you already have a mortgage. They’ll check your income, current repayments, other debts, and the reason behind the new application.

If rental income forms part of the plan, lenders will want realistic figures backed by market expectations.

As a mortgage broker in Sunderland, we compare deals from across the market and help match your needs with a lender who understands your situation.

Will I need a larger deposit?

In most cases, yes. A second mortgage usually requires a bigger deposit than a standard residential one. If you’re buying a rental property or second home, lenders may ask for 20–25% or more.

We’ll let you know what each lender expects and what options are available based on your deposit size.

Can I still get a competitive rate?

Yes, competitive deals are still available, but it depends on your overall financial position. A strong credit history, reliable income, and a healthy deposit will all help.

Some lenders may charge slightly higher rates on second mortgages, especially if the property won’t be your main residence.

Our mortgage advisors in Sunderland compare rates across high street and specialist lenders to help you find the most suitable deal.

Date Last Edited: 29/07/2025