Not a FTB, 10% deposit, help

stayathomemummy

Long time viewer, first time poster.
My husband and I sold our house in 2008 owing to work relocation and being unable to get sufficient rent to cover the mortgage. We ended up selling for just the amount outstanding on the mortgage and hence it wiped out our deposit. Since then we have been renting, our family has grown and we have had to move 3 times around the country, which has cost us a lot of the savings we were able to make.
I am, as my username suggests, a stay at home Mum but hope to return to work soon. Currently though we are a single salary family, without being too specific the salary is good, having said that, the cost of renting a reasonable house in the SE means saving is difficult.
We would like to buy; 3.5 x salary gives us a healthy budget but to get to 40% deposit would take forever. All the mortgage deals are for First timers, and we're not so we are stuck here.
Any advice would be gratefully received.

GMS

There are 90% mortgages for purchases available. 90% remortgages are rarer.

If you are unsure try speaking to a broker.

DannyboyMidlands

If your priority is to save money for a deposit, why are you renting a reasonable house? Surely renting the cheapest flat that you can find would be a better idea.

poppy10_2

You can't have everything in life. Having one partner be a stay at home mum is a luxury these says. Getting a part time job, or perhaps renting a 'less reasonable' house while you are saving up a deposit will help you to get to your target sooner. You can either make some sacrifices to your lifestyle and get a deposit, or can carry on the way you are and keep renting. No-one else can tell you what the right choice is for you, depends on what your priorities are in life.

stayathomemummy

Ideally I was looking for practical financial advice about mortgages rather than indirect criticism of the life we have.

pinkteapot

Check with the banks. Sometimes with mortgage deals, "first time buyer" just means "don't currently own". We bought last year and were in rented - HSBC classed us as 'first time buyer' for the purposes of their mortgage deals as the other option is 'moving home' which obviously didn't fit.

The same isn't true of the stamp duty exemptions for first time buyers - that really is 'first time' only.

somethingcorporate

I agree with Pinkteapot.

Having owned before does not necessarily preclude you from being a FTB when it comes to mortgage deals (unlike the Gov's opinion when it comes to stamp duty). The only way you can find out whether you would be considered a FTB is to go and talk to them (or a broker).

There is often an almost identical non-FTB product available from most lenders anyway - it can often be a gimmick to grab the attention rather than being a better deal.

You came to an open forum, expect comments about your lifestyle. Just don't get drawn into an argument about it.