Stabilised mixed velocity–pressure formulations are one of the widely-used finite element schemes for computing the numerical solutions of laminar incompressible Navier–Stokes. In these formulations, the Newton–Raphson scheme is employed to solve the nonlinearity in the convection term. One fundamental issue with this approach is the computational cost incurred in the Newton–Raphson iterations at every load/time step. In this paper, we present an iteration-free mixed finite element formulation for incompressible Navier–Stokes that preserves second-order temporal accuracy of the generalised-alpha and related schemes for both velocity and pressure fields. First, we demonstrate the second-order temporal accuracy using numerical convergence studies for an example with a manufactured solution. Later, we assess the accuracy and the computational benefits of the proposed scheme by studying the benchmark example of flow past a fixed circular cylinder. Towards showcasing the applicability of the proposed technique in a wider context, the inf–sup stable P2–P1 pair for the formulation without stabilisation is also considered. Finally, the resulting benefits of using the proposed scheme for fluid–structure interaction problems are illustrated using two benchmark examples in fluid-flexible structure interaction.