Second time buyers

Second time buyers (or next time buyers) are applicants whom currently have a mortgage on a property and are seeking to sell, to move into another property. Generally searching for a bigger property or relocating to another area.

Second time buyer mortgages have a similar path to a first time buyer where an agreement in principle is required before searching a property. However the sale of the existing property tends to determine when the initial mortgage application is completed. It is generally advised to complete a mortgage application when a solid offer is received on their existing property.

Second time buyers tend be on a chain of buyers, so completion timescales can vary pending all sales and desired moving in dates. Mortgage brokers and solicitors work together to achieve these dates.

Second time buyers generally fund costs from the sale of properties; therefore solicitor’s fees, stamp duty, arrangement fees, disbursements and deposits can be deducted from the sale proceedings minimizing set up costs being paid at outset. Generally the only fees to be paid upfront are the mortgage survey fee and solicitor searches. If there are insufficient funds from the sale proceeds, our mortgage advisors will advise from you at the outset. Our mortgage brokers will save you time and money.

If you require mortgage advice and you’re a next time buyer; please submit your details above and one of our mortgage brokers will call you. We Know Mortgages Ltd have access to thousands of mortgage products across the high street and building societies. We’ll guide you through the mortgage process from start to finish. We are based in Manchester city centre.