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How to Buy a New House

Sep 10, 2024
How to take that next step with confidence

 Whether you need more space for your growing family or fancy a change of scenery, buying a house for the second time is an exciting milestone. If you’re unsure about the process, we can help. Our guide includes helpful tips for second-time buyers for a hassle-free move.

Key Takeaways

  • Evaluate Your Decision: Ensure that moving is the right choice for you. Consider factors like family needs, career changes, and future plans.
  • Sell Your Current Home: Get your existing home on the market promptly. Research estate agents and their success rates.
  • Know What You Want: As a second-time buyer, prioritize your preferences. Make a list of must-haves and nice-to-haves.
  • Prepare for Property Chains: Understand that you’ll likely be part of a property chain, where sales and purchases are interdependent.
  • Completion Timescales May Vary: Be patient during the process, as it can sometimes get complicated.

Who are second-time buyers?

Second-time buyers are those who sell their current property to buy another one. 

 

Porting your current mortgage

When you port your mortgage, you transfer it onto another property. This type of deal is known as ‘portable’ because it allows you to reapply for your current mortgage with the same lender.
 
Lenders will consider your changing circumstances before approving, including the new property’s price and location.
 

Tips for second-time buyers

Below, we’ve listed our top tips for buying your second home.
 

1. Make sure that moving is the right decision

Moving to a new home is exciting, but you need to ensure it’s the right time to do so. You may want to move because your family has outgrown your current home, you need to relocate for work, or you want to be closer to your family.

Whatever your motivation, try to imagine how your circumstances may change again in the future and look for a home that will meet these needs.

 

2. Advertise your current home

Buying a second home means you’ll need to sell your current one first. 
 
Spring is the best time to put your house up for sale, as many buyers start looking before the summer. Alternatively, September and October are ideal, as many buyers like to settle by Christmas. 
 

3. Know what you want

As a first-time buyer, you may have compromised to avoid rising house prices. This time, you need to sell first, and this could represent a valuable asset further down the line. 
 
Take your time when browsing mortgage options and houses. Consider your priorities to help you narrow your search. 
 

4. Prepare to be part of a property chain

As a second-time buyer, you’ll likely find yourself part of a property chain, with various sales and purchases dependent on each other. This may slow down the process. Mortgage brokers can help speed up the purchase as they deal with the legal paperwork.
 

5. Decide what to do with your mortgage

If you are happy with the terms of your existing mortgage, you may be able to ‘port’ it to your new property. 
 
If you decide to switch deals but your current term hasn’t ended yet, you may face some early repayment fees. These are calculated as a percentage of your outstanding mortgage balance and are typically between 1% and 5%. 
 

6. Understand costs

These are the expenses you’ll need to cover when selling your home:
 
• Estate agent fees – these are  between 1% and 3% of your home's sold price
• Conveyancing fees (£800-£1,800)
• Removal costs (£400-£1,800)
• Remortgaging fees (£1,000)
• Paperwork expenses, such as an Energy Performance Certificate (£60-£120)
 

7. Factor in Stamp Duty

Stamp Duty is a tax you have to pay when buying a property over £125,000 in England. First-time buyers get tax relief on Stamp Duty, but sadly that’s not the case when you move on to your next home.

The tax works on a sliding scale of rates:

Minimum purchase price Maximum purchase price Stamp Duty rate
£0 £250,000 0%
£250,001 £925,000 5%
£925,001 £1.5 million 10%
Over £1.5 million   12%

Find out more about Stamp Duty >

Use the handy MoneyHelper Stamp Duty calculator >

7. Explore schemes

If you’re ready to sell your home, you can benefit from unique offers, including: 
 
• Movemaker – With Movemaker, we’ll work with an estate agent to help you evaluate and sell your home. We’ll cover the fees. 
• Part Exchange – Part Exchange helps you sell your home faster because we’ll be your guaranteed buyer. This way, you won’t be part of a chain and won’t need to pay the estate agent fees.
• Part Exchange Xtra – We’ll put you in contact with an estate agent to facilitate the sale. If your home doesn’t sell, we’ll be your guaranteed buyer.
 

9. Learn from the experience

Buying a new home is both exciting and challenging. Getting where you want to be is easier if you can tap into practical information and expert advice whenever you need it.

See our comprehensive home buying guide >

10. Be happy

Yes, there might be a few ups and downs along the way, but it will be worth it – because taking that first step into an elegant and spacious new home is an unforgettable experience.

Start your search today >

 

Explore our new build homes across the UK, including energy-efficient 2, 3, 4 and 5 bedroom properties for all homebuyers. 
 
Call our Sales Advisers today to reserve your property.
 

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