Top Tips For Second Time Buyers

February 12, 2023

There is a lot of information and advice out there for first time buyers, but taking your second step up the rung of the property ladder is also challenging. In fact, it can throw up a whole new set of problems, so it’s worth taking the time to think the process over carefully before jumping out of the frying pan and into the fire.

Here are some important points to take into account when making that second move.

Work out why you want to move

Moving is time consuming and expensive, so you need to be sure that you are making the right decision. Sometimes there may be no choice but to move, if you have had a change in circumstances such as a new job or a relationship breakup. If it’s a case of needing more space, it may be more economical to convert a loft or a garage, or even build an extension.

Work out what you want from your next house

Many first time buyers settle for less than their ideal property, simply because they want to get a foot on the ladder rather than continue to rent while house prices and mortgage rates continue to rise. You might have always viewed your first home as a stepping stone rather than somewhere to live for years to come.

Now is your opportunity to tick off some of those ‘nice to have’ features on your wish list that didn’t make it the first time around. This could be a garden, off-road parking, or a third bedroom. It’s worth being a bit fussier now, to avoid a disruptive third move a few years down the line.

Find out what you can afford

You will now have some equity in your first home, so hopefully you can afford to move into a higher price bracket for your second property. It’s important to speak to a mortgage advisor to find out what your current situation is. You may be able to port your current mortgage over to a new property, or you may need some help to negotiate a new deal.

If your financial circumstances have changed since your last move and you are worried about the amount you might be able to borrow, it’s important to seek advice from a professional broker. They will be best placed to find the right lenders who have a more flexible affordability criteria.

Prepare your house to sell

The biggest difference from your last move is that you will also have to sell your house. It is not necessary to extensively redecorate, but making sure that it looks clean and tidy will help it appeal more easily to potential buyers. Get a range of valuations from experienced local estate agents to help you decide your asking price.

Budget for the costs of moving

Remember that you will also have to pay conveyancing fees, estate agents fees, removal costs, and survey costs. This can add up to a significant amount so make sure that you have enough funds available to cover the costs.

If you would like some advice about remortgaging with an IVA, please contact us today.

Your home may be repossessed if you do not keep up with your mortgage repayments.

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