Dumb Question - What Am I ?

rab_cilbup

Hi Folks,

First time poster - hopefully someone can help as am a wee bit confuzzled.

Am starting to look at mortgages but due to some personal circumstances am not sure what I am !

I own outright my current home, a two bedroom flat. I inherited it from my late wife when she passed away last year and the mortgage was paid off by insurance and so forth. Before that the flat was in her sole name, she made the mortgage payments although I contributed 50% of them. I am/was the executor of her estate etc.

So, what I'm basically asking is am I classed as a first time buyer or would I be remortgaging ?

Thanks in advance

minimike2

If you want to raise funds against the property then you are remortgaging. If you are moving to a new property then you would be a next time buyer. Becuase you have owned a property, in the eyes of a lender you cannot be a first time buyer. Some will class you as one if you havent owned property within "x" number of years, but many will only class you as an FTB if you have never owned a property before, regardless of if it was mortgaged or not.

rab_cilbup

Brilliant ! - thanks for clearing that up - was giving me a headache.

:beer: