Second home mortgage

PhotoMania

Hi,

I hope someone would be able to give me some more information on second home mortgages as I am a bit unsure of the answer.
Myself and my husband currently have a mortgage on our house (not very much left on it) and we would like to buy an additional house. I would like to know if we would need a second home mortgage? We have a 10% deposit but all of the second home mortgages I have seen require a minimum of a 20% deposit. It may be an option for us to let this house out in the future but again BTL mortgages require a bigger deposit again.
Can anyone help suggest a second home mortgage that only requires a 10% deposit, or know of any lenders that would treat this as first home mortgage?

Thanks for your help.

jen14

I'm getting a second mortgage with Nationwide and they wanted a 15% deposit. If your not already renting out your first home then they will need to be satisfied that you can cover the cost of both mortgages. If you do rent out your first home this may increase the mortgage on that (mine went from 2.5% to 4% once I had been renting it out for 6 months).
I would go and speak to nationwide, they can give decisions in principal with out doing any of the credit checks that can damage your credit rating.

PhotoMania

Thanks for that jen14. That has raised my hopes a bit! I will arrange to go and see them. We can more than cover the 2 mortgage payments so hopefully this should be ok.