FTB's who have pre-owned

ladyDi_3

Hi there
Just after a bit of advice. I'm in the process of applying for a mortgage but am excluded from FTB products by certain lenders as I have previously owned. This was 3 years ago, I was bought out of the mortgage and have not owned a property since. I'm applying for a joint mortgage with my boyfriend who has never owned.
Does anyone know of lenders who have a wider definition of an FTB? There must be some out there but I'm struggling to find them! Would appreciate any advice...

cattie

Surely if you don't mention that you owned a property in the past it shouldn't matter?

Generally speaking I'd have thought anybody who hasn't owned a property for a while does in fact have the status of a first time buyer. Ok, If you are seeking a mortgage from your previous lender they may still have you on their files, so in their eyes you are a previous borrower.

If I'd had a couple of years or so break to renting from having a mortgage, then wanting to buy again, I'd certainly consider myself a first time buyer for morgage purposes

From your post it doesn't sound as if there is anything adverse regarding your previous mortgage that could blot your credit history & thus affect your application for a mortgage from a main stream lender.

ladyDi_3

cattie wrote:

If I'd had a couple of years or so break to renting from having a mortgage, then wanting to buy again, I'd certainly consider myself a first time buyer for morgage purposes
.

My thoughts exactly! Some mortgage companies see it differently though. I got nearly all the way through the decision in principle process and when I told the potential lender I had previously owned they began upping the rate and withdrawing incentives wherever they could. The reason I disclosed was because they asked (!) and i assumed my previous owner status would show up on any credit search carried out

herbiesjp

With most schemes it will not really matter if you are classed as a FTB or not.

The deals are all pretty similar.

ladyDi_3

It seems to matter big time to the Co-op! I'm looking around to see what other lenders positions are, just wondered if anyone had been in the same boat & could make recommendations.

zag2me

Just dont tell them.

biblejohn

herbiesjp wrote:

With most schemes it will not really matter if you are classed as a FTB or not.

The deals are all pretty similar.

In my experience thats exactly what i found. It didnt make any difference if i was an FTB or anyone else who wanted a new mortgage, rather than a remortgage.