Could we be first time buyers (again)?

Craig_W_2

We first bought a house in 1999 and sold it in 2005, so we've been out of the property market for five years.

Could we be considered as first time buyers again?

GlynD

I would doubt it. Unless somebody knows different.

opinions4u

From a stamp duty viewpoint, no.

From a lender's product viewpoint, it depends on the lender.

But FTB products are rarely any better than other products - just dressed up differently.

GAH

No you wouldn't be first time buyers, and also wouldn't be exempt for stamp duty unless your wanting to buy something under £125k.

Craig_W_2

Thanks for the replies, guys.

Not that we'd deliberately deceive anyone, but how would lenders know that we had had a mortgage previously?

hcb42

credit checks...

woodsey2002

We last has a mortgage in 2004 and most lenders have described us as FTB's again. Not that it has any benefit whatsoever.
For stamp duty purposes you are definitely not FTB's.

cheekyweelassie

I was told by two different banks that because I hadn't owned a house for three years, I would be considered a first time buyer. Not that I'm sure that would offer the best deal anyway, but it is certainly worth asking the bank/building society.

kingstreet

cheekyweelassie wrote: »

I was told by two different banks that because I hadn't owned a house for three years, I would be considered a first time buyer. Not that I'm sure that would offer the best deal anyway, but it is certainly worth asking the bank/building society.

Phone a bank three times and you'll get three different answers. They may treat you like a first time buyer in mortgage product terms, but try convincing HMRC you shouldn't pay stamp duty because your bank said so and see where it gets you.

cheekyweelassie

kingstreet wrote: »

Phone a bank three times and you'll get three different answers. They may treat you like a first time buyer in mortgage product terms, but try convincing HMRC you shouldn't pay stamp duty because your bank said so and see where it gets you.

Oh no. I forgot about stamp duty. That's another 2,000 pounds to magic from somewhere.
This process is becoming horrible, when it is supposed to be exciting and the start of a new phase in my life with my partner. Thanks for reminding me of the stamp duty - better to have all the information up front.