Am I a first time buyer & credit issues?

ulster_exile

After recently from my husband, he is in the process of buying me out of the house we jointly own. I am trying to find a house to buy for myself, but am I classed as a first time buyer? Just curious on this point as there is not category I seem to fit into when looking on comparison sites.

Also, most credit during our marriage was applied for him his name - I simply have two credit cards, whereas he has these plus a loan and credit for our sofa. Would I be better disassociating myself from him with the credit reference agencies now or waiting until I have applied for the mortgage? I'm just worried about what debt he may be getting himself into at the moment and the impact this may have on my application.

USM

No you are not a first time buyer.

getmore4less

How much money will you have for deposit

whats your income

any dependants

bengalknights

No you woudnt be a first time buyer and if your fully divorced then disassociation would help you in terms of credit as it would no longer take your husbands credit into consideration when applying for the mortgage.

Catatonia

This is not the first time you've bought a house so you are not a FTB. The clue is in the name!

ulster_exile

getmore4less wrote: »

How much money will you have for deposit

whats your income

any dependants

Why? I've got a financial advisor friend who will help me apply when I'm ready but wasn't going to bother him with apparently stupid questions hence asking on here.

bengalknights wrote: »

No you woudnt be a first time buyer and if your fully divorced then disassociation would help you in terms of credit as it would no longer take your husbands credit into consideration when applying for the mortgage.

Not even started the divorce proceedings - only been separated 5 weeks but I'm under pressure to move out and having only bought this house 3 months ago, I don't intend on moving 3 times in a year hence me trying to buy a house.

dimbo61

Why are you under pressure to move out ?
If both of you are on the mortgage and title deeds then the property belongs to you both.
You could end up paying the mortgage ( or your half ) for months/years before you EX sells the place and you are off the mortgage.
Meanwhile you cant get another mortgage as you still have one with your EX
Go and see a solictor ASAP

ulster_exile

I am signing over the house to him shortly (should be completed this month) in exchange for my share of the equity. I know that legally, whether I am on the deeds of the property or not, I have a marital right to be here and he'd have to go to court to remove me, however he is still pressuring me about living here and that he feels he is "subsidising" me to do so.

I have seen a solicitor and know he can't just buck me out as simply as that but don't want the extra pressure it's adding to an already stressful situation.

He's moved into a 2 bed terrace with his new woman whilst I find a house yet feels bitter that I am living in our 4 bed detached whilst he's languishing there. Not sure what he's got to be bitter about as he's the one who found himself a new (heavily pregnant!) woman so the split is not my choice and came as a complete shock to me. The ironic thing is that the same 2 bed terrace he's whinging about having to live in is about all I'll be able to afford on my own and I'll be very unlikely to see the likes of this house ever again - on my own at least.

DVardysShadow

USM wrote: »

No you are not a first time buyer.

Depends on whose eyes you are looking through as to their definition of a FTB. It used to be that the Council of Mortgage Lenders [iirc] regarded you as FTB if you had not owned property in the last 6 [18?] months. For Stamp duty, you and all associated buyers must never have owned property.

ulster_exile

The properties I'm looking at are below the stamp duty threshold. I guess the question was aimed more at what the mortgage companies viewed me as, rather than in tax terms.

DVardysShadow

ulster_exile wrote: »

The properties I'm looking at are below the stamp duty threshold. I guess the question was aimed more at what the mortgage companies viewed me as, rather than in tax terms.

It makes very little difference to lenders. Yes, they like to look nice and cuddly towards FTB's, but the relevant point for you is whether you have an interest in the marital home and have to sell it at the point of applying for a mortgage or whether you just have a deposit.