Are we classed as a FTB or home mover?

wizard3891

Hi

We owned a shared ownership flat and sold it in Nov 2008, since then we rented a house for 6 months and have now started saving alot since moving in with my inlaws. We hope to move out next summer time but what will we be classed as for mortgage purposes?

Thanks in advance

kellyn1201

I would say you would be treated as FTBs - you are not "porting" a mortgage, you're effectively starting from scratch.

T_D_R

I'm selling my shared ownership flat at the moment - what costs did you have to pay to the Housing Association/managing agent/landlord? thanks!

wizard3891

They got 50% of their official valuation and we got the rest. No other costs go to them other than the valuation which we had to pay for IIRC

Squish_21

I'd say a FTB again.

Richard_Webster

We hope to move out next summer time but what will we be classed as for mortgage purposes?

There is no legal definition of First Time buyer so it will depend on what each mortgage lender says. If they offer a "deal" for FTBs then you have to look at the small print to see how they define it - not much point asking on this web site unless there are experts who actually know the wording that each lender uses in its promotional material.