First Time Buyer, or Not?

MissFlip

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.

gemstars

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

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

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

MissFlip wrote: »

since FTBs seem to get much better rates .

Are you sure, any examples

MissFlip

Hmm, still no definitive answer it seems. Thanks, I'll get him to look into it more

holly_hobby

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