Second home mortgage for second time buyers.

Second time buyers, those moving from their first property to the next, are in a very different position to first time buyers, but should nonetheless seek impartial advice.

In the light of recent dramatic rises in the property market it is quite possible that you will have sufficient equity to allow a bigger deposit on your second property than that which you put down on your first. Even if your first property was bought using a 100% mortgage your property may well have appreciated in value enough to allow a deposit on your second purchase.

Lenders will sometimes offer higher income multiples and lower rates to those with deposits, and it is also important to note that if you have a deposit of 10% or more it is unlikely that many lenders will require you to pay an early repayment charge. As different lenders have very different criteria in relation to second home mortgage loans and the products available to them it is important that you obtain professional advice before you make your move.