what type of borrower am i ?

Kish1963
Kish1963 Posts: 2 Newbie
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in Mortgages & endowments
Hi, this may seem a stupid question to some, i am about to embark on applying for a mortgage but i don'know what type of borrower i am. I previously held a mortgage with my exhusband over 10 years ago but since then i have been renting. Am i applying for a first time mortgage or remorgaging, can anyone help?

Comments

  • Lucky_Duck_2
    Lucky_Duck_2 Posts: 271 Forumite
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    You are not remortgaging as their is no existing mortgage to settle

    Is there an option for moving home or similar?
  • amnblog
    amnblog Posts: 12,433 Forumite
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    You are a first time buyer.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • JaneyLouWho
    JaneyLouWho Posts: 155 Forumite
    You are most likely 'moving home' - making a purchase, not remortgaging. Some lenders will class you as a FTB as you haven't owned for a period of time, but the majority use the definition of FTB as 'someone who has never owned a property'. Just been through this myself having applied for a mortgage after last owning in 2009.
  • amnblog
    amnblog Posts: 12,433 Forumite
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    You are a FTB
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Essentially a FTB in the eyes of the mortgage company however you wouldn't benefit from government support for FTBers as you have previously owned property.
  • amnblog
    amnblog Posts: 12,433 Forumite
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    Alexland wrote: »
    Essentially a FTB in the eyes of the mortgage company however you wouldn't benefit from government support for FTBers as you have previously owned property.

    What ‘support’ for FTBs would our poster not be eligible for?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Using a LISA/HTB bonus towards a property purchase.
  • dimbo61
    dimbo61 Posts: 13,716 Forumite
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    Your deposit, age, income and credit score are much more important than being a first time buyer.
    A lender will be happy to see you have been paying rent, gas/electric, water, broadband/phone bills each month and supporting yourself
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,585 Ambassador
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    You are not a FTB as you have owned property before. You are also not remortgaging as you are actually moving house rather than an existing mortgage.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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