Skip to main content

Next Time Buyer Mortgages

Moving up the property ladder or wish to downsize? Deedle Finance can help you get a next time buyer mortgage with the support of our dedicated experts.

Moving home has never been easier with the help of our advisers. So what are you waiting for? Let's get started today!

Name(Required)
Consent(Required)

Begin Your Mortgage Journey Today

Get Started

How To Get A Mortgage For Your Next Home

Step 1
Fill In Our Form
Enter a few basic details on our online secure form including your full name, contact information and mortgage requirements. This will be sent to our dedicated team of expert advisers.
Step 2
Receive A Sameday Callback
You will receive a callback very soon after submitting the form from one of our trained experts who will explain the next steps for you. They will ask for key details such as your income and future house value.
Step 3
Find Out Your Options
Our advisors will ask for basic information such as your current position and use this to help you decide if you need to apply for a new mortgage, remortgage or apply to transfer your current mortgage to your new home.
Step 4
Receive Your Mortgage Offer
Once we have checked your eligibility, we will work out how much you can borrow and find the best deals on the market. Our advisers can then submit your mortgage application to help you move homes.
what-is-a-next-time-buyer

What Is A Next Time Buyer?

A next time buyer involves a property owner who is looking to move into another home. In this case, they may need to take out a new mortgage to pay for their next home or apply to transfer your existing mortgage to the new home (this is known as porting). You can also remortgage to raise money for a deposit on a new home if you are buying a second home to rent out as a buy to let, wish to live in the property part time or are moving to a cheaper mortgage rate.

If the sale value of your home covers the purchase price of the new home, there is also always the option to use the equity from your current home to pay for a new house outright. This is because your mortgage will be repaid in full when you sell your current home to buy another so you could use the equity in your home either to pay for the home or just for the deposit.

What Costs Are Involved In Buying Your Next Home?

The costs involved will largely depend on if you are porting your mortgage, getting a new mortgage or borrowing more. If you are planning on getting a new mortgage but are still on your initial period, you may have to pay an early repayment charge which is usually 1-5% of what you have left to pay on your mortgage.

You will also have to pay stamp duty, as well as potentially lender application fees if you are getting a new mortgage, valuation fees, solicitor fees and survey fees. You may also need to spend money on moving costs to transport your furniture and items.

costs-involved-in-buying-next-home

Different Types of Mortgages Available for Home Movers

Fixed Rate Mortgages

  • A fixed rate mortgage allows borrowers to fix their mortgage rate for 2 to 15 years.

  • Repayments stay the same during that time.

  • You can usually overpay by 10% a year to reduce the total loan amount. Any more than this could lead to early repayment charges.

Discount Variable Rate Mortgages

  • Discounted variable rate mortgages mean that borrowers get a discounted rate for some time, usually between 2 and 5 years.

  • These mortgages tend to have the lowest interest rates and lowest monthly repayments.

  • However, interest rates and monthly repayments can go up or down.

Tracker Mortgages For Next Time Buyers

  • Tracker mortgages follow the Bank of England’s base rate.

  • They are often a certain percentage above it, so they do not follow the same interest rate changes as fixed mortgages.

  • Monthly repayments can go up or down with a tracker mortgage.

Get The Best Mortgage Rates For Next Time Buyers

Get Started

Why Should I Get A Next Time Buyer Mortgage Through Deedle?

At Deedle, we are here to help you have a smooth experience from start to finish. Our dedicated team of mortgage advisors will be with you every step of the way, from initial consultation to mortgage completion. Our advisors handle all the paperwork, liaise with lenders and ensure a smooth process, saving you time, stress and effort.

Whether you have bad credit, are self employed or over the age of 60, our team of experts will find a deal to suit your borrowing needs. With many years of experience in the mortgage industry, our advisors will guide you through all of your options.

Where Can I Get A Next Time Buyer Mortgage?

With Deedle, you can apply for a next time buyer mortgage from anywhere in the UK. Locations include but are not limited to:

  • Aberdeen
  • Bath
  • Belfast
  • Birmingham
  • Bristol
  • Cambridge
  • Cardiff
  • Coventry
  • Durham
  • Edinburgh
  • Glasgow
  • Leeds
  • Liverpool
  • Leicester
  • London
  • Manchester
  • Newcastle
  • Nottingham
  • Oxford
  • Portsmouth
  • Sheffield
  • Southhampton
  • Warwick
  • York

How To Apply For Your Next Mortgage

To apply for your next mortgage you should:

  • Check how much your property is worth
  • See how much you have left to pay on your mortgage
  • Find out if you have to pay an early repayment charge and if so, how much it will cost
  • Speak to our mortgage advisors who can explore all of your options
  • Choose your mortgage deal

Typically, it will take 4-6 weeks after you have applied for a mortgage. It could take longer if your lender asks for more information or if there is an issue with your application.

Find The Cheapest Next Time Buyer Mortgage Deals

Get Started

What Is The Next Time Buyer Mortgage Criteria?

There are a number of different next time buyer mortgage requirements and criteria that the lender will take into account. This includes:

  • Your age
  • Your salary
  • Your employment status
  • Your employment history
  • Your credit rating
  • Any debts you might have
  • The deposit amount
  • The size of the loan
  • Your monthly outgoings

What Documents Are Needed To Apply For A Moving House Mortgage?

The following documents are usually requested and assessed in order for you to secure a next time buyer mortgage:

  • Proof of ID e.g your passport or driving license
  • Proof of postal address
  • Proof of income (usually the most recent three months payslips)
  • Proof of deposit
  • Current or most recent P60
  • Your SA302 tax return forms if you are self-employed
  • Proof of any bonuses or commission if applicable

Frequently Asked Questions About Next Time Buyer Mortgages

How Much Is A Next Time Buyers Mortgage Deposit?

A deposit on a second time buyer mortgage will be 10% minimum. Most lenders tend to offer 80% LTV deals for second mortgages, which means you should aim for a 20% deposit. Although you may require a higher deposit amount depending on other factors such as your income and the property value.

How Long Does It Take To Move House?

Moving house can take anywhere between 8 and 22 weeks. It depends on many different circumstances such as how long it takes to find a property, whether you are in a chain, the time it takes to go through the mortgage process, the legal work and any potential work or refurbishments you may want completed before you move in.

How Do I Port My Mortgage?

To port your mortgage speak to your lender who can review your situation to check if you are eligible to have your mortgage transferred onto your new property whereby the mortgage will be closed on the old property and reopened on the new property with the same terms and the same lender. It can take 4 to 12 weeks to get this approved.

Porting could save you money if you have a fixed-rate mortgage and took it out when interest rates were lower. Likewise, you would save money if you would otherwise have to pay an early repayment charge to terminate your mortgage.

How Does Next Time Buyer Stamp Duty Costs Work?

Next time buyers will not have to pay stamp duty on the first £250,000 of the property’s value. After this, the stamp duty rate depends on what price threshold your property falls into and where the property is located. In England and Northern Ireland, you will have to pay 5% for properties priced between £250,0001 to £925,000, 10% for properties priced between £925,001 to £1,500,000 and 12% for properties priced over this.

If you are buying a second property in England or Northern Ireland, such as a buy to let, then you will have to pay a stamp duty surcharge. This is 3% at the lowest band (up to £250,000), and an additional 3% at the other bands. So you would have to pay 8% for properties priced between £250,0001 to £925,000, 13% for properties priced between £925,001 to £1,500,000 and 15% for properties priced over this.

What Is The Difference Between First Time Buyers and Next Time Buyers?

First time buyers are purchasing their first ever property. Next time buyers are moving on to purchase a new asset such as their second or third property.

Should I Get A Longer Term Mortgage?

Borrowers typically get a mortgage loan lasting for 25 to 40 years. Whilst a longer term mortgage would involve smaller monthly payments, it could end up costing you more overall if you kept it for the whole period as the longer the mortgage term, the more you will pay in interest.

Deedle Finance is the trading name of Tudor Lodge Digital Ltd which trades under company number: 10437769.

Deedle Finance does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Quick Links

Contact Us

Privacy Policy

Terms & Conditions

Sitemap

Contact Us

020 8064 2758

Deedle Finance
First Floor, 5 Fleet Place,
London, EC4M 7RD
Find Us on Google Maps