Second Time Buyers
Also referred to as non-first time buyers or second and subsequent buyers (SSBs). We will help you to understand your options and to find a mortgage that's right for you.
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Key Considerations
How much can I borrow?
How much of a deposit do I need?
Loan to value (LTV) exceptions
Can I retain my current property to rent out?
Do I need to be sale agreed on my house before I go sale agreed on a new property?
Fixed rates versus variable rates
Retaining my tracker rate
Flexible overpayments during a fixed term
Frequently Asked Questions
Yes, many second time buyers choose to retain their first property as an investment. However, lenders will assess your rental income and existing mortgage commitments when determining your borrowing capacity for the new property.
For second and subsequent buyers, the maximum Loan to Value (LTV) is typically 80% of the property value. However, some lenders may offer LTV exceptions depending on your circumstances.
Not necessarily. You can purchase your new property before selling your current one through bridging finance or if you qualify for both mortgages simultaneously. Many buyers prefer to secure their new home sale agreed before putting their current property on the market.
If you currently have a tracker rate mortgage and want to move home, you may be able to port your tracker rate to your new property. However, this depends on your lender's policy and the terms of your mortgage agreement.
Fixed rates provide certainty with locked interest rates for a set period, while variable rates can fluctuate based on market conditions. Fixed rates offer protection against rate increases but may have penalties for early repayment, whereas variable rates typically offer more flexibility.
Some lenders allow flexible overpayments during fixed rate terms, typically up to 10% of the outstanding balance per year without penalties. This can help you pay off your mortgage faster and save on interest.