Second Time Purchase

second time mortgage

As well as first time buyers, TMP Mortage Solutions are committed to finding second time purchasers the most suitable mortgage deal, saving them time and money. The first-time buyer tends to stay in their first home for an average of 4 years, and tend to move to a second home that is around 32% more expensive than their first home.

Today, many so-called "second steppers" are struggling to sell their first home and buy their second home due to the declining property market along with the much tighter lending criteria.  In the past second steppers had a much easier task on their hands, as the booming market of the mid-2000s saw their properties increase in value, thereby making it far simpler to bridge the price gap.

However, in the past four years, the price of an average first-time buyer property has fallen by £28,000, leaving many second steppers without enough equity in their current property to move onwards and upwards.

However, there is an improving market at 90% LTV and deposit requirements are improving which will prove helpful to those looking to buy their second place. Furthermore, getting a mortgage as a second-time buyer is easier than as a first-time buyer as you have an established track record and will credit score more favourably. And, if you fancy buying your next home from a house builder, they may part-exchange your own home as part of the deal - making this an avenue worth investigating.