Am I considered first time buyer?

Disney_Pluto

Bit of a long story but I will try and keep it short. I was a student when my fianc! and I bought our first house. The house we got was on his mortgage alone and we put in about £11,000 as a deposit. We got this deal from Bovis and when we sell we owe them 25% of sold price, as we got a mortgage for 75%.

We are now looking to sell (after lots of lies told by bovis and the finance advisor) about being able to remortgage with me etc but that's a different matter. As everything is effectively in my fianc! name and this time we will get a mortgage together will we be entitled to first time buyers rates or not as he already owns a house?

We have never sold a house before so all of this is kind of new.

Sorry if this doesn't make sense.

Mishomeister

Hence your boyfriend already owed a house he will not be a FTB. That will only work if you buy in your name only.

Dave_Ham

As stated, you will not be defined as first time buyers, although there are not really any major deals for first time buyers these days unless you are looking at another new build and some sort of supported scheme.

Wh05apk

As Dave said there are few benefits in being a FTB now, Halifax being one of the few who reduce their arrangement fees if one of the persons on the mortgage is a FTB, however given how high their rates are, you would normally do better paying higher fees/lower rates elsewhere.

Disney_Pluto

Thanks everyone. We won't be buying new again (learnt from our mistakes) although I'm sure some of the deals are good.

Will look properly into it when we are more serious about it.

Thanks.

handytips

Good luck to you