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Do we qualify as first time buyers?
tanyacapper
Posts: 3 Newbie
Hi,
My husband and I have recently sold our house as we had planned to move back to Australia.
We have now had a change of heart and have decided to stay.
As we currently do not own a home (but have in the past)..can we qualify for first time buyer mortgage offers?
We would be really grateful for some advice!
Thanks,
Tanya
My husband and I have recently sold our house as we had planned to move back to Australia.
We have now had a change of heart and have decided to stay.
As we currently do not own a home (but have in the past)..can we qualify for first time buyer mortgage offers?
We would be really grateful for some advice!
Thanks,
Tanya
0
Comments
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can we qualify for first time buyer mortgage offers?
Can you point me to one of those?
I'm not sure they exist.0 -
They do exist. I have one from Halifax. It was fee-free, but only for FTBs.
Sorry OP that I can't answer your question.0 -
interesting point, i have been told that anyone with no house to sell and no mortgage, is a first time buyer!0
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The CML (Council of Mortgage Lenders) identifies three types of first time buyer
Unassisted - using only their own savings as a deposit
Assisted - able to draw on additional resources such as donations from family
Returners - technically first time buyers because they are currently renting or living with friends or family, but have been owner-occupiers in the past and may have equity from that to draw upon
The mortgage deals on offer won't differentiate - you're an FTB !!MFW - the light from the end of the tunnel is shining down on me . . . . .
£57K of my house still belongs to the bank, on target to clear 2015 but I'm hoping to get there much sooner.
Looking forward to celebrating :beer:
Congratulations to thefunkygibbons on becoming mortgage free and thanks for the inspiration along the way :T0 -
You have to have been mortgage free for a set qualifying period which varies from lender to lender. This is so that, for example, if there has only been a gap of 2 months the new lender can take up a lender's reference with your old lender to establish payment profile.
Ask your broker based on the particular product and lender he is recommending whether you would qualify or not, however this is usually given away when completing the application form as you will be asked 'do you currently or have you within the last 'x' years helps a mortgage?' If you answer yes, then you are not a first timer buyer.
Andy0 -
lisyloo wrote:Can you point me to one of those?
I'm not sure they exist.
Quite of a few of the first time buyer offers include free valuation, soem even cover leagal fees...and often there is no higher lending charge...0
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