Could I be classed as a first time buyer

pinkteapot

martinsurrey wrote: »

You will 100% not be counted as a first time buyer, you will be registered as an owner at land regisrty and be on the mortgage lender (shared) databases.

GMS was correct with the advice given already - for the purposes of a mortgage, it depends entirely on the lender.

Hubby and I have both owned various properties in the past. However, we were renting when we bought our house and HSBC classed us as a FTB. This is because they only have two categories for house purchases - home-mover (when you're selling and buying) or FTB.

As for the fact you're named on another mortgage OP, this will cause issues with mortgage applications. You should see a mortgage broker and explain that you need a second residential mortgage. They'll be able to point you to lenders who will accept this. When you apply, the lender will look at the full amount of the other mortgage repayment and I imagine they would treat it as an outgoing like any other debt (when we applied we were asked how much we spent on debt repayments, e.g. credit cards, per month, as well as amount outstanding).

mattwilson1981

the first time buyer thing no longer matters as regardless of banks lending criteria I will still be named on the other mortgage. I would just prefer that I didn't have the banks assuming that I'm paying £970 a month on a mortgage that I'm not.

Caz3121

mattwilson1981 wrote: »

I would just prefer that I didn't have the banks assuming that I'm paying £970 a month on a mortgage that I'm not.

but if your ex did not pay it, as you are equally liable you would be chased hence needing to have income to support both residential mortgages