Purchasing a Second Home for Family Security

Your home may be repossessed if you do not keep up repayments on your mortgage.

A fee of up to £495 per mortgage may be charged depending on individual circumstances.

The information contained within was correct at the time of publication but is subject to change.

16th December 2025

Terry is a successful property developer who is very established in his career. Although he already owns his own home, he wanted to purchase an additional property for his children and their mother to live in. They are on good terms, and his priority was to ensure his children had a stable and secure home for the long term.

Terry is in his 40s and works in a senior position at his company. Alongside his employed income, he also owns several buy to let properties. He had recently purchased a new home for himself, which needed to be factored into the overall affordability assessment.

The property being purchased was a brand new home. New build properties often require additional consideration from lenders, particularly around deposit levels and valuation.

Terry planned to put down a 15 percent deposit and had a good credit profile with nothing out of the ordinary. His income came from a combination of senior employed earnings and rental income from his existing property portfolio.

One of the key considerations was finding a lender comfortable with the overall structure of the case. Not all lenders are willing to offer a mortgage on a second residential property when the applicant already owns a main residence and additional rental properties. This meant the lender choice needed to be carefully assessed from the outset.

Timing was relatively flexible, as the property was still being built, which allowed the application to progress at a steady pace without the pressure of a fixed completion date.

Terry was clear that he wanted a five year fixed rate. His children are expected to live in the property until they leave home, so long term stability was essential.

A five year fixed rate provided predictable monthly payments and removed the need to review the mortgage again in the near future. During the application process, we also monitored the market closely and were able to request rate reductions when pricing improved, ensuring the final offer remained competitive.

The application was successful, and Terry was pleased with the outcome. We secured a mortgage that allowed him to purchase a second residential property on a new build home with a 15 percent deposit.

Most importantly, his children now have a secure place to live, and Terry has the reassurance of knowing the mortgage payments are fixed and manageable for the long term.

If you already own your own home and are considering purchasing an additional property for family members to live in, I can help you understand which lenders are likely to support your plans and guide you through the process.

Get in touch today to discuss your situation and explore your options.