Am I a First Time Buyer?

itfclondon

This may be a silly question but what is the definition of a First Time Buyer?

I owned and sold a property a year ago so do not currently own a property. Everywhere I look online for mortgages it splits products into 'First Time Buyer', 'remortgage' or 'moving home'.

Am I any of these?? Would be great if I could take advantage of some of the FTB deals as I want a 95% LTV!

Thanks

betmunch

It depends on whos definition of a FTB you are trying to achieve.

I can think of at least 1 lender off the top of my head that would treat you as a FTB.

Having said that, the literal meaning of a FTB you are not

itfclondon

Thanks. Who off the top of your head would treat me as a FTB?

betmunch

Make me break my rules will you?.........

Seeing as thats a very clear question, I will name a lender without doing a full fact find.

GEMoney will consider you on their FTB rates.

Whether you want them or not or qualify on their other criteria is a whole other question!!!!

The_J

You should be generally looking at the Moving Home rates OP.

Although you did break betmunch :rotfl:

betmunch

The_J wrote: »

Although you did break betmunch :rotfl:

Trust you to be the first person to read after I break one of my rules!!!!

Do you think I put enough disclaimer on it? Or shall I edit and add more?

The_J

I'll happily name lenders left, right and centre so you're fine with me. Until MSE contact me to certify my qualifications I could be any old Joe and any posts should be taken as such. Especially the argumentative ones :j

LunaLady

This is just the question I wanted to ask.

I sold my property in 2007 and have been renting ever since. I am not going to be in a position to buy for another 5 years at least, so it will have been 10 years since I purchased a property.

betmunch

LunaLady wrote: »

This is just the question I wanted to ask.

I sold my property in 2007 and have been renting ever since. I am not going to be in a position to buy for another 5 years at least, so it will have been 10 years since I purchased a property.

Yes you are still not a FTB, you will never be a FTB ever again. I am shocked by the amount of people that come on here asking if the can do something for the first time after having done it once.

However, some lenders are willing to consider you as such, pretty sure if there are no criteria changes between now and when you buy you will have at least 3 lenders that would consider you for their FTB range.

mummybearx

I was told by Halifax a few weeks ago that a FTB is a person that hasn't has a mortgage for 2 years?

betmunch

zepsgal wrote: »

I was told by Halifax a few weeks ago that a FTB is a person that hasn't has a mortgage for 2 years?

Thats what Halifax considers a FTB.

The thing with Banks is that once your inside their office only their rules matter, nothing else exists.