What type of buyers are we classed as?

Crap_with_money.com

Morning all,

I'm venturing into the world of mortgages with my lovely fiance, but we were wondering what type of buyer we're classed as when ticking the box on the mortgage application?

He used to have a flat which he has sold, and I have never owned anything.

Can we be classed as first time buyers? Does is make a difference to the type of mortgage or interest rates that are available to us?

Thanks

L x

Crap_with_money.com

Oh - and he is the highest earner of the 2 of us so would be classed as the first applicant, don't know if that makes a difference?

Thrugelmir

As he's previously owned then you won't be classified as FTB's.

Interest rates will most likely be determined by the LTV, i.e the amount you wish to borrow as a proportion of the selling price.

Cheaper interest rate = bigger deposit.

kingstreet

You certainly won't dodge stamp duty, regardless of how you're classed by a lender.

Halifax policy is to make a FTB product available if "one applicant or more is a first time buyer" but other lenders take a different stance.

TBH the difference between first time and subsequent buyer products is minimal these days as lenders want good quality business of all types.