Whether you\u2019re ready to upsize from your first home to a larger property or are looking to relocate somewhere new, read on to learn what to expect when looking for a mortgage as a second time buyer.\r\n\r\nIn this article we will cover:\r\n<ul>\r\n \t<li><a href="#what-is">What is a second time buyer mortgage?<\/a><\/li>\r\n \t<li><a href="#deposit">Deposit requirements<\/a><\/li>\r\n \t<li><a href="#options">Mortgage options for second-time home buyers<\/a><\/li>\r\n \t<li><a href="#deals">Mortgage deals for second-time buyers<\/a><\/li>\r\n \t<li><a href="#calculator">Should I use a mortgage calculator?<\/a><\/li>\r\n \t<li><a href="#expert">Speak to an expert<\/a><\/li>\r\n<\/ul>\r\n[feefo-banner]\r\n<h2 id="what-is">What is a second time buyer mortgage?<\/h2>\r\nIf you have previously owned a home but do not any longer, or have a mortgage at the moment, you may be classed as a second-time buyer if you\u2019re in the market for property.\r\n\r\nMoreover, some lenders may view people who haven\u2019t had a mortgage for three years or more as<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/first-time-buyer-mortgages\/"> first-time buyers<\/a>.\r\n\r\nTo find out how a lender might view your own circumstances, talk to an expert. The advisors we work with are experienced in second-time buyer mortgages and can determine what your options might be. Call us on 0808 189 2301 or make an<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/second-mortgage-deposit-advice"> enquiry online<\/a>.\r\n<h2 id="deposit">Deposit requirements for second-time buyers<\/h2>\r\nDeposit requirements for second-time buyers aren\u2019t really any different to first-time buyers. Most lenders will ask you for at least 10% of the property\u2019s value, but putting down more can help you land a superior interest rate and offset any risks the agreement involves.\r\n\r\nThere are 5% deposit mortgages available to second-time buyers, but you will likely have less product choice than most first-time buyers if you only have this amount, since the Help to Buy scheme is now exclusive to first-time buyers, as are many of the latest 95% loan-to-value (LTV) mortgage products.\r\n\r\nThat said, some mortgage lenders now offer <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/95-ltv-mortgages\/95-mortgages-second-time-buyers\/">95% LTV mortgages for second-time buyers<\/a>. You may even find that your history of having previously had a mortgage makes it easier for you to secure the deal you want. It can, in fact, be easier due to having a track record of making mortgage payments.\r\n<h2 id="options">Mortgage options for second time home buyers<\/h2>\r\nAs a second time buyer you have several different options to help you secure the right mortgage.\r\n<h3>Take advantage of a government schemes<\/h3>\r\nThe government's new mortgage guarantee scheme is open to second-time buyers and it allows you to get a mortgage with just 5% deposit from a participating lender. Interest rates are relatively high for deals through this scheme, though, so be sure to speak to a broker to see how the deals on offer compare to the alternatives.\r\n<h3>Port your current mortgage<\/h3>\r\nIf you are happy with the terms of your current mortgage, you may be able to port it to purchase your next home.\r\n\r\nPorting the current mortgage on your old home allows you to apply your current mortgage to your new home. Doing this may mean you can retain your interest rate instead of having to risk taking on a higher rate.\r\n\r\nAlthough this idea may appear to be a good shortcut to getting things moving faster, you should expect your lender to review your current circumstances to decide whether the option is possible. With many lenders, porting your mortgage is almost the same as making a brand new<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/"> mortgage application<\/a>.\r\n\r\nOften, it\u2019s only possible to port fixed-rate mortgages but it\u2019s worth checking with your mortgage lender.\r\n\r\nIf your lender agrees to<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/mortgage-porting\/"> port your mortgage<\/a>, you should expect fees to be applied.\r\n<h3>Remortgage your current property to release equity<\/h3>\r\nProvided you have enough equity in your current property and you intend to keep your original property, you could consider<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/remortgage-for-equity-release\/"> remortgaging to release equity<\/a> as a deposit towards your second-time buyer mortgage.\r\n\r\nWhether you\u2019re maintaining mortgages for two properties or are increasing the sum you borrow against your mortgage, most lenders will need to be sure you can afford the higher payments from your income alone.\r\n<h3>Switch to a let to buy mortgage<\/h3>\r\nIf you want to buy a new property and keep your current property to rent out, a let to buy mortgage might be a good route for you. If this sounds like a good option, see our<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/let-to-buy-mortgages\/#what-is-let-to-buy"> let to buy mortgages guide<\/a> for more information.\r\n<h2 id="deals">What sort of mortgage deals are there for second-time home buyers?<\/h2>\r\nAs we <a href="#options">touched on above, the mortgage schemes<\/a> available to you as a 2nd time home buyer may seem limited when compared to what you might have been offered as a first-time buyer, but it\u2019s still worth shopping around for potential deals.\r\n\r\nIt\u2019s important to remember that the bigger your deposit the better the deal you\u2019re likely to receive, but even without a<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/deposits\/high-deposit-mortgages\/"> large deposit<\/a>, you could still find a good deal to suit you.\r\n\r\nMortgage lenders change their offerings regularly so it\u2019s worth talking to an expert advisor who will be able to tell you about the kind of offer currently available which you may be able to benefit from.\r\n\r\nIf you wish to discuss possible options, talk to an expert. The mortgage brokers we work with are experienced across the whole market and ready to give advice to second time buyers.\r\n<h2 id="calculator">Should I use a second time buyer mortgage calculator to work out what I can borrow?<\/h2>\r\nAs a 2nd time home buyer you can use a mortgage calculator to work out:\r\n<ul>\r\n \t<li>how much a mortgage might cost each month<\/li>\r\n \t<li>how much you can borrow based on the deposit amount<\/li>\r\n \t<li>how much you can afford and what rates you could qualify for<\/li>\r\n \t<li>if you might qualify for a specific rate offering right now<\/li>\r\n<\/ul>\r\nTo establish how much your mortgage might cost as a 2nd time home buyer, take a look at our<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-calculators\/mortgage-repayment-calculator\/"> mortgage repayment estimator<\/a>.\r\n\r\nMortgage calculators can only give a rough idea of the amount you can borrow since every lender will assess customers differently but they can be a good way to get a quick look at what you might be able to borrow.\r\n<h2 id="expert">Get advice from an expert in 2nd time buyer mortgages<\/h2>\r\nIf you have any questions about what your mortgage options might be as you prepare to make the move and want to speak to an expert for the right advice, get in touch and we\u2019ll match you with an expert who specialises in second-time buyers.\r\n\r\nFinding the right expert could help you save time and money in the long run, and this is where we come in. Our free broker-matching service will assess your needs and circumstances before pairing you up with an advisor with the expertise you need.\r\n\r\nCall us on 0808 189 2301 or make an<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/second-mortgage-deposit-advice"> enquiry online<\/a> and we\u2019ll set up a free, no-obligation chat between you and a second-time buyer mortgage specialist today.