Second Time Buyers

Ok, everyone understands what a first time home buyer is but we are often asked about second time buyers; so here we go...

If you have previously owned a property but do not do so at the moment, and you want to buy a new property, then you could be classed as a “second time buyer” for mortgage purposes. (If you want to know about getting a second property, while keeping your first home or Getting a second mortgage which are different, click on those links )

The second time buyer status has certain pros and cons.

If you sold your previous property and made a profit then hopefully you will have saved this money to be used a deposit.

The bigger deposit you have the better; firstly because your monthly repayments will be less and secondly because mortgage lenders look more favourably on people borrowing a smaller proportion of a property’s value – called the loan-to-value (LTV).

Also if you kept up with repayments on your previous mortgage your credit record will reflect this and make you a good bet for lenders.

However because a first-time buyer is generally defined as someone who has never previously owned a property – and you have – you are unlikely to be eligible for specific first-time buyer deals.

These could be either FTB mortgages or shared ownership schemes specifically designed to help people get their first foot on the property ladder.

However bear in mind that some lenders regard people who have been absent from the property ladder for three years or more as a first-time buyer so it is worth shopping around.

Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

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Important note about your credit rating

Many websites don't make it clear that filling in their mortgage enquiry form means you might be credit checked.

This can put you at risk.

UK Mortgage lenders may assume an enquiry you have aleady made to another lender means you were turned down - and not that you are in fact carefully shopping around and rejecting the bad deals.

The best way around this significant problem is to ask an independent mortgage adviser to make anonymous enquiries for you.

Without risking your credit score an adviser can find you the best available mortgage deal. They will also know how likely you are to be accepted by the lender if you decide to make a formal application.

If you would like a recommended adviser to check out the best deals for you, anonymously, simply fill in the quick form below.

" Hmm..." You might think; "Won't I be hounded by a salesman hungry for my business? "

This is the most common question we hear from our users.

The answer is no you won't.

Firstly your enquiry is only passed to ONE person on a carefully vetted list of independent advisers.

Secondly, these mortgage advisers are professionals. Even when the market is slow they are busy people. There many people who need to move homes, or get a remortgage and are looking for advice all the time. Regardless of the state of the property market, life goes on.

So the advisers don't have time to hassle people. It just doesn't work like that. No one is gong to be forced into taking out a mortgage unless they really need one.

The advisers are very used to talking with people, perhaps like yourself, who are only "dipping their toes" into the water.

Many people just want an initial quick chat and if they feel comfortable will ask the advisor to contact them again later - often in several weeks or months. As a professional, the adviser will simply diarise this and call back at the appropriate time. There is no obligation at all.

(In the unlikely event that you ever feel at all "hassled" by someone on our list please let us know immediately. We have never heard of this. But if it happened we would definitely want to know).

Making the offer / Negotiating the price

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