Who do Natwest consider to be a "FTB"?

loopyanna

Hiya all,

Am now driving myself potty worrying so thought i would see if anyone has any words of wisdom.

I owned a house with my ex many years ago, and moved out back in 2001. The house was in limbo for a while and was eventually transferred to him (and our joint mortgage paid off) in full 2 years ago. I have lived with 'rents since 2001.

Got an offer in principle from Natwest on a FTB mortgage, told the advisor about my old house and she said it wouldn't be a problem and that i was still classed as an FTB. Went ahead made an offer and was accepted, formal mortgage application went in on Wednesday afternoon - just waiting for a response...

Just seen another thread on here with someone in the same position as me, who has been told by Natwest that he is no longer an FTB and has had to go for a non FTB mortgage!

Is or has anyone been in the same position or does anyone know what Natwest class as an FTB???

Thanks in advance

Anna

benjo

It is a difficult question that I dont have a definative answer to. I was in the same situation as you, had a mortgage years ago, transfered to my ex ooo 24 years ago and I recently bought a house.

The ifa told me that I was 'considered to be a FTB', so I took his word for it. I was never asked by the lender if I had ever had a mortgage - merely if I currently had a mortgage or owned any property - no to both.

Certainly when you are trying to compare mortgages you seem to have two options, FTB or remortgage - well, if you dont have a mortgage and you dont own a property you certainly are not remorgaging, so that (logically in my mind) leaves the option of FTB - now that doesnt mean Im right.

ginvzt

I don't know how much thruth in this, but a while ago someone on here said that you are considered an FTB if you had no mortgage for 9 months. It might have been before all the house price crash, and I have nothing to confirm this.

But would love to know the answer too! We have sold our house and settled the mortgage summer 2008, and have been in rented since. We will be looking to buy in the future, so would love to know what is the answer in general, not just Natwest!

musicboy

I am the writer of the other thread ... I have tried to speak to advisor number one who 'knew' about my house 5 years ago but I have been told I need to speak to the other one who processed the application .. I have left a message a couple of hours ago but heard nothing back yet ... I am thinking about ringing Nationwide and seeing if I can get any info out of them, but don't want to burn both bridges and be left with a knackered credit rating and no mortgage !! I have seen 2 other mortgage advisors already but they didn't have access to 'branch-only' deals so there's no point really apart from looking yourself !

loopyanna

Well i've just spoken to Natwest and subject to valuation my application has been approved... have put a response on your thread too Music Boy.

Guess they do class me as a first time buyer then

musicboy

Excellent !! Why not me then ... grrr !!

musicboy

apparently Natwest consider 10 years to be a FTB ... not many people at NW appear to know that though ... !

loopyanna

So you have to have not owned property for 10 years to be classed as a ftb?? That seems a little extreme!!

If i were you i would be asking them about cancelling and trotting off to see the other lender you mentioned!