Am I a First Time Buyer?

milliebear00001

Title says it all really. I used to own a property (mortgage holder) with my husband. We sold up in 2005 and have some of the proceeds left which we'd like to use as a deposit on a new property in the not too distant future.

I'd assumed we wouldn't be classes as FTB, but a friend tells me you revert to that status for mortgage purposes after 6 months of selling. On looking at everal mortgage company's application forms, it seems there is often only an option to be a FTB or a 'mover'!

So...what am I?!

opinions4u

I used to own a property

Am I a First Time Buyer?

Clearly not.

it seems there is often only an option to be a FTB or a 'mover'!

If you're moving, I reckon that would make you a 'mover'!

stueyhants

I sold my first house back in 2007 and have just recently bought again with a first time buyers mortgage with no problems.

Annisele

To the OP - it depends who's asking!

So far as HMRC are concerned, you're definitely not a first time buyer because you've owned property before. That means that you have to pay stamp duty.

So far as lenders with their FTB deals are concerned - maybe. Ask the lender.

stueyhants

How does HMRC know your not a FTB if you tell them you are ? (I'm outside the stamp duty band so doesn't affect me).
When I bought my first house, all the HMRC would know is an address and a name I don't remember giving details like national insurance number etc. So buying a house several years later how would they connect you to the first purchase ?

milliebear00001

opinions4u wrote: »

Clearly not.

If you're moving, I reckon that would make you a 'mover'!

The 'mover' choice appears to mean if you already holda mortgage and are moving as an existing homeowner. This is what is confusing about the application process-itappears to assume that once you are on the property ladder, you never step off it.

milliebear00001

Thanks all. I will ask whichever lender I go with. Stamp duty not a problem as I am likely to be below the threshold anyway.

VIGILANT22

I noticed you thk'd stueyhants for his post regarding HMRC not holding information on you!........HMRC will have been informed by solicitor at point of sale regarding the purchaser........

Re yr status for mortgage purchases, this varies from lender to lender

betmunch

On the application when choosing FTB or Mover you need to chose the option that the lender will think you are.

Is the product specifically for FTB's? If it is you really have to get this right or you may find the product isnt actually available to you.

If the product is available to both FTB's and Movers then you will simply be corrected if you are wrong and get the product anyway.

You are clearly not a FTB, but some lenders may consider you as such as its their products to give out as they choose.

Cheers

stueyhants

VIGILANT22 wrote: »

I noticed you thk'd stueyhants for his post regarding HMRC not holding inofrmation on you!........HMRC will have been informed by solicitor at point of sale regarding the purchaser........

Re yr status for mortgage purchases, this varies from lender to lender

But how does the solictor know your not a FTB if you tell them you are?

To prove your not a FTB someone has to connect you to the previous purchase all those years ago. What information trail is there ? When you bought the previous house they have a name, address and bank account. But if you've moved to rented since the house was sold your address will have changed. If you have a different bank account that will have changed.

I'm not advocating tax fraud, just interested in how they could ever police it.

VIGILANT22

HMRC hold records............Solicitors inform HMRC of every property/land transaction