Remortgaging Belfast
Last Updated: 13th May 2025
Are you considering purchasing a second property? Whether it’s a holiday home, a buy-to-let investment, or a home for a family member, remortgaging your current property could be a smart way to raise the necessary funds. At AIMS-NI, we help homeowners across Belfast and Northern Ireland release equity through remortgaging — opening the door to second home ownership without taking out an entirely new mortgage.
With access to a wide range of mortgage products and an expert understanding of the local housing market, we make the process of remortgaging to buy a second property simple, clear, and cost-effective.
What Does It Mean to Remortgage to Buy a Second Home?
Remortgaging to buy a second home means switching your existing mortgage to a new deal — usually with a higher loan amount — in order to release equity from your current property. That released equity becomes the capital used to fund the purchase of a second home.
This is different from taking out a second mortgage. A remortgage replaces your current mortgage, often with better terms and additional borrowing, while a second mortgage would be a completely new loan, typically at a higher interest rate and with stricter criteria.
You might consider remortgaging to:
- Purchase a holiday home for personal use or occasional rental.
- Invest in a buy-to-let property for consistent rental income.
- Help a child or relative get on the property ladder.
- Secure a retirement property now while property values are lower.
- Diversify your investments by adding property to your portfolio.
By leveraging the value you’ve built in your home, remortgaging offers a way to access funds without selling or significantly disrupting your current lifestyle.
When Is It a Good Idea to Remortgage for a Second Property?
Remortgaging can be a great opportunity — but timing is key. Some of the most suitable scenarios for considering this move include:
You’ve built significant equity: If the value of your property has increased over time, or you’ve paid down a good portion of your mortgage, you may be in a strong position to borrow more.
Your current deal is ending: When your fixed-term mortgage ends, you’ll likely move onto a standard variable rate (SVR), which is usually higher. Remortgaging to a new deal — with the option to borrow more — makes good financial sense.
You want to avoid taking out a second loan: Rather than applying for a second mortgage or personal loan (which can come with higher rates and more risk), remortgaging is often more affordable and manageable.
You’re financially stable: Buying and maintaining a second property brings additional responsibilities. Lenders will assess your income, outgoings, and overall financial health to ensure you can manage the repayments.
You’re planning for the future: Buying now — even if the second property won’t be used immediately — could mean securing a better deal before prices or interest rates rise.
At AIMS-NI, we offer expert, personalised advice to help you determine if now is the right time for you.
Key Considerations Before Remortgaging
Remortgaging is a major financial decision, particularly when the goal is to buy a second property. Here are the key factors to think about:
Monthly Repayments: Increasing your mortgage balance will almost always increase your monthly repayments. It’s important to ensure your income can comfortably cover both your existing and future outgoings.
Property Equity and Loan-to-Value (LTV): The amount you can borrow depends on the value of your home versus your outstanding mortgage. Most lenders allow up to 85% LTV — meaning you could borrow up to 85% of your home’s current market value.
Affordability Criteria: Lenders will want to know you can afford the increased borrowing. They’ll assess your income, debts, lifestyle costs, credit history, and plans for the second home (e.g. will it generate income or add expense?).
Interest Rates & Fees: While remortgaging can often lower your interest rate, it’s essential to weigh this against any early repayment charges, arrangement fees, or legal costs. At AIMS-NI, we help calculate the real cost and value.
Stamp Duty on Second Homes: Stamp Duty surcharge applies to second homes. This is on top of standard Stamp Duty rates, and must be factored into your budget.
Tax Considerations: If you plan to rent out the second property, any rental income is taxable. You may also face Capital Gains Tax when you sell. AIMS-NI can refer you to trusted tax advisers if needed.
How AIMS-NI Can Help
Choosing the right mortgage solution for a second home purchase isn’t always straightforward — but that’s where we come in.
With years of experience serving clients across Belfast and Northern Ireland, AIMS-NI offers:
Tailored Recommendations: We don’t just look at what you can borrow — we look at what’s best for you in the long term. Whether you’re aiming to invest, downsize later, or help your family, we’ll structure the deal to suit your goals.
Full Market Access: As independent mortgage brokers, we compare hundreds of mortgage products from major banks and specialist lenders — including exclusive deals you won’t find online.
End-to-End Support: We manage everything from the initial consultation to dealing with solicitors, valuers, and lenders. You’ll have a dedicated adviser who knows your case inside out.
Local Knowledge: We know the Northern Ireland property market. Whether you’re buying in Belfast or investing in a rural rental, we can guide you with confidence.
Partner with AIMS Today
If you’re thinking about buying a second property, now’s the time to explore your options with a trusted local mortgage expert. At AIMS-NI, we’re here to help you make smart, confident financial decisions — and take advantage of opportunities that work for your future.
Let AIMS-NI help you turn your property goals into reality — with remortgaging solutions that put your plans first. Contact us today.
Remortgaging to Buy a Second Property FAQs
Yes — as long as you have sufficient equity and meet affordability criteria. We’ll help you calculate your options.
Not necessarily. The equity you release from your remortgage can act as the deposit — or even fund the full purchase.
Yes, but your lender will need to know. Some mortgage products are specifically for buy-to-let or holiday lets. We’ll find the right one for your plans.
A second mortgage is an additional loan secured on your home. A remortgage replaces your current mortgage — potentially increasing the amount borrowed — and is often more cost-effective.
Mortgage Brokers Belfast
Disclaimer
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR PROPERTY. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
