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First Time Buyer, or Not?

MissFlip
MissFlip Posts: 46 Forumite
edited 8 August 2012 at 9:56AM in Mortgages & endowments
I'm guessing not, but since FTBs seem to get much better rates I just wanted to be sure.

My OH owns a house in N.I. which is now sold, and will complete in a few weeks (hopefully) the mortgage will then obviously be cleared. If he puts off applying for a mortgage until the old one is cleared will he then qualify as an FTB?

Like I say, I assume not, but Google doesn't provide a definitive answer so I wanted to ask you guys :)

Many thanks.

Comments

  • gemstars
    gemstars Posts: 515 Forumite
    Isn't 'first time buyer' just a term used to describe someone with no other current mortgage commitments? In which case this would apply to you.
  • Jimbo1976
    Jimbo1976 Posts: 498 Forumite
    I don't think there is a definitive answer, some lenders say someone who has never had a mortgage before, some say someone who has not owned property before.

    I think it is very unlikely that he would be able to say he was an FTB as on his new mortgage application he will need to give details of his previous address ie in NI and his status there ie owner/tenant etc.

    The new lender would also see on his credit file that he had a mortgae until recently which has now been cleared.

    So I think he would be wasting his time looking at FTB rates
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    Technically, if he has previously held any interest in a property, he is not a FTB.

    From a lenders point of view, some use the above, some use no mge in the last 6 mths - but I didn't think there were too may specific FTB deals about any more .... so his prevoius ownership will probably make little difference.

    Of course, if the mge application asks if he has held a mortgage before he knows the answer.

    Hope this helps

    Holly
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    MissFlip wrote: »
    since FTBs seem to get much better rates .

    Are you sure, any examples
  • MissFlip
    MissFlip Posts: 46 Forumite
    Hmm, still no definitive answer it seems. Thanks, I'll get him to look into it more :)
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    As an example the same Halifax deals for purchase, are available to both Homemover and FTB - there is no difference in rate re property status.

    H
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