FTB or not?

benjo

When I was 18 I had a mortgage, split up with OH and he bought me out, there were no arrears on the mortgage and it was all done via a solicitor, I havent owned a property since then (26 years ago).

I was asked the other day by an EA if I was a FTB - well technically no I'm not, but I dont currently have a mortgage or own a home - he said I was considered a FTB, but I noticed that the Halifax difinition of FTB says that you must never have owned/had a mortgage on a property, which I have.

I wouldnt want to mislead a potential lender by claiming to be a FTB but when I have been researching mortgage lenders they seem to offer only FTB, remortgage or additional borrowing - how should I correctly describe my situation?

Robert_Sterling_3

That is not what is meant by "First Time Buyer"
What they really want to know is "Do you have a house to sell?" or "Have you had a mortgage on which you have defaulted"

I consider that you are a first time buyer if you have nothing to sell and are free from any mortgage at present.

Estate Agents will love you.

benjo

Thankyou Robert_sterling - lets hope the mortgage lenders love me just as much!!

Mr_E_Man_2

Robert_Sterling wrote: »

That is not what is meant by "Fist Time Buyer"
What they really want to know is "Do you have a house to sell?" or "Have you had a mortgage on which you have defaulted"

I consider that you are a first time buyer if you hasve nothing to sell and are free from any mortgage at present.

Estate Agents will love you.

Hello. Sorry that my first post on here is a moan but I think you are misleading benjo. What has it got to do with you whether you consider them to be a first time buyer? You aren't the lender are you?

Robert_Sterling_3

Mr E Man.

Thank you for your first post ever on MSE.
I am sure the original poster Benjo will give it the consideration it undoubtabley deserves.
As it is your first post you need not say sorry to me and you are welcome to moan away to your hearts content. :A :A :A :A :A

Mr_E_Man_2

Surely it's up to the lender whether they will treat them as a First Time Buyer. Your opinion matters not one jot.

I wouldn't want to answer a question on an application form knowing I was lieing, and you are effectively saying they should! You can go to prison for stuff like that when it's to do with mortgages.

nesssie1702

Perhaps Robert_Sterling has some knowledge, perhaps Mr E Man does too?

Given the information the OP volunteered, an opinion was given - where's the problem with that?

Mr_E_Man_2

Perhaps the problem is that benjo said "I wouldnt want to mislead a potential lender by claiming to be a FTB" and "how should I correctly describe my situation?".

By telling benjo what he did, it's misleading and can land them in trouble.

Surely the answer should have been "Tell the lender your situation and let them decide" or "Give them a ring and ask them how to describe your self".

I just think it was a bit misleading and didn't consider the legal aspects of telling a lie, that's all.

nesssie1702

The opinion given by R_S corresponded with the opinion given by Benjo's EA.

The first thread on the Forum is "New Money Savers: Please Read This" and it goes through the rules for the forum. One of which is:

FORUM USERS’ OPINIONS DO NOT CONSTITUTE ADVICE

Forum users are asked to make it clear if discussing a topic they have professional knowledge of that they work in that field (but do not tout for business). However, please do not give advice. This is particularly (but not only) relevant on the Pure Money, Health, Old Style, In My Home and Is It Fair? Boards.

Also please remember just because someone says they’re an IFA this doesn’t mean they are. As always, it is essential that you do your own research.

Mr_E_Man_2

Thank you for that. Are you saying to take Richard_Sterling's advice with a pinch of salt?

nesssie1702

No, I'm saying it was R_S's opinion, not advice