Can i be a 1st time buyer again?

chief

Hi

Me and my wife (before we were married) used to own our own houses, bought 1st one in 2001 and then moved in 2002 and sold up in 2005 (the house was jointly owned with both our names on the mortgage).

We took the equity in July 2005 and went backpacking round the world for a year

Since we returned we have been renting, however we are now looking to buy again, I have done some research but seem to be getting conflicting advice on whether we can be deemed as 1st time buyers again?

Some internet sites say once you have owned a house, whether 1 year ago or 20 years ago, you cannot be a 1st time buyer again.

However we had a chat to a financial adviser in the estate agents and he said we should be ok to apply for a 1st time buyers mortgage..?!

Anyone got any firm knowledge on where we stand?

Thanks in advance

Rick

somethingcorporate

From mortgage provider to provider they tend to class FTB as they see fit. FTB mortgages tend to be no better than standard offerings.

In terms of being stamp duty exempt if you have owned a property anywhere in the world, ever, you are not a FTB. So as far as HMRC are concerned you are not.

HTH.

Wh05apk

If the advisor in the agents told you, it must be true!...............

Seriously though, you will not be classed as a first time buyer for stamp duty, very few lenders offer mortgage deals specifically for FTB's though.

Yorkie1

And don't use the financial adviser from the EA - potential conflict of interest and highly unlikely to be whole of market / truly independent.