Am I a First Time Buyer?

i4U

Hello All,

I have bought a house before and I sold it. I am no longer a house owner. Am I considered a first time buyer as far as the mortgages are concerned? What is the difference because I am buying to live, so I would consider it a first purchase to live.

Please advise. Thank you in advance.

princessamy86

You will probably be treated as a ftb, although the mortgage company might delve back to see if you paid on time etc. As an EA I'd treat you as a nothing to sell person, not a ftb, as they sometimes need helping through aspects of the process, whereas this might well come across as patronising to you! I think your broker will just ask if you have an existing mortgage, if not I don't see why they wouldn't treat you as a ftb. Does it make any difference though?

i4U

I went to view a property. And the EA was being very pushy for me to come and see their mortgage advisor. I said to him that I know the processes involved as I have bought and sold before. They turned around to tell me then I am not a first time buyer.

princessamy86

Why don't you just go and see a mortgage broker and see what they say? It doesn't have to be the one at the EAs. You should be able to get a free first appointment anyway.

i4U

I have already seen Charcol and I will also go and see theirs. However, I was explaining to the guy that I don't have time today. I felt that he didn't want to take a no for now and was being pushy. I don't like be pushed into things.

princessamy86

How come you didn't just ask the advisor at the time then? Sorry, I'm a bit confused now, not sure what you're asking! Some EAs are pushy, some aren't. We're all sales people though with targets to hit!

i4U

I am in sales and I have done it for more than 15 years now. I have trained sales people in my own business. People use "targets" and "in sales" as an excuse to be rude, pushy and unethical. It's no excuse. I have had a mortgate sorted out before through a broker because, I was in the process of buying a house but it fell through because of unethical "sales" people. These people give everyone else in any sales or sales related job a very bad name.

p00hsticks

It depends on the mortgage company - different ones have different definitions. For example, some regard a FTB as someone who has not owned property before, others say it is someone who has never had a mortgage.

See here for a number of different interpretations of the term.

http://www.google.co.uk/search?hl=en&cr=countryUK%7CcountryGB&defl=en&q=define:First+time+buyer&ei=xeTpSfuJEuCTjAeRhuWaCg&sa=X&oi=glossary_definition&ct=title