First time buyer

nickih28

I would like some advice if possible,

i have just split with my partner and i am thinking of putting our house up for sale which is on a joint mortgage

my question is when i apply for a mortgage on my own would i be classed as a first time buyer ??

Mini_Bear

Anyone can be a first time buyer if they have nothing to sell. as you do you will be in a chain (ie u need to sell your house b4 u can purchase the next one).
If you sold your house and moved in2 rented accomodation then looked 2 buy u wud be classed as a first time buyer.
im guessin that goin from a 2person mortgage to aone preson mortgage means u need to get a cheaper/smaller property as your income multiples will be smaller?

nickih28

yes i would have to look in a different area of town and at cheaper properties

_Andy_

No you would not be a first time buyer, however this shouldn't have much impact in terms of deals etc.

nickih28

_Andy_ wrote: »

No you would not be a first time buyer, however this shouldn't have much impact in terms of deals etc.

i earn 17K and so will be unable to raise enough on my own as properties in the cheapest areas of town are 80k+ and i would be lucky to come out with a 5k for a deposit which leaves me considerably short

do you need to be a first time buyer to get a shared ownership property ??

Mini_Bear

hav u concsidered ur options ie not jumpin on the property ownin bandwagon again too quickly? what about renting or housesharing until you can save enough for a decent deposit.
property prices are unlikely to rise with the likelihood of increasing interest rates shortly.
do u really want the hassle of home ownership, mortgages and negative equity so soon?
could u not take on a lodger if u hav a spare bedroom in order to stay in the house and give you some ££?