First Time Buyer?

Clive765

Hi all,

New to the site, so please forgive me if this subject has been posted before.

I had a mortgage over 6 years ago, i've been renting since, would I now qualify as a first time buyer?

Many thanks.

thomasdown

Clive765 wrote: »

Hi all,

New to the site, so please forgive me if this subject has been posted before.

I had a mortgage over 6 years ago, i've been renting since, would I now qualify as a first time buyer?

Many thanks.

Unfortunately NO!! I'm afraid. If you have ever owned a property in the UK and I believe the world you do not qualify for FTB privileges.

Yorkie1

For stamp duty purposes, no.

For lenders' purposes, it depends on the criteria of the individual lender.

holly_hobby

No, if you have previously held an interest in a property, whether by purchase, transfer of equity, or inheritance, then you do not qualify as a FTB under SDLT regs. (so you are liable for 1% fee on purchasing anything above 125k).

With regards to mge lenders, some have different view points to qualify for specific FTB mortgage products or deals- so you may indeed qualify for one such deal. (although I assume your q was more related to stamp duty than mortgage products).

Hope this helps

Holly

PS - post crossed with Yorkies ... but the answers the same ...

Clive765

Hi,

Many thanks for your replies.

I am looking at this from the mortgage point of view rather than tax relief.

I will have to try and see what happens.

Cheers

Clive765
:beer:

somethingcorporate

Then it depends on the lender.

FTB deals tend not to be any better than standards ones anyway.

jatstheword

Hi there ... I am a FTB and have singled out a mortgage deal which I think sounds reasonable but being a FTB, I am not so sure!!!

I was wondering if any of you could advice me if this is a good deal or not ... the mortgage details are as follows:

Bank: HSBC (I have my salary account with them)
Amount borrowed: 90% of property value
Duration: 25 years
Type: Capital + Interest repayment
Monthly Payment: Around £600, quite manageable
Interest rate: 3.99% + Bank Of England base rate, throughout the duration of the mortgage (i.e. 25 years)
No early prepayment penalty

Any advice on this will be extremely welcome .. I am conscious of the fact that this is a life-long tracking mortgage and I will
get shafted if rates rise but given the current economic climate, is it unreasonable to hope that rates will remain quite low for a long time
from here on? (And I guess I can always switch later)

Thrugelmir

jatstheword wrote: »

(And I guess I can always switch later)

To what? With a high LTV your options will be limited. Not only will base rate rise in the future but margins above base will remain high.

Build up as much deposit as you can before taking the plunge.