Am I a first time buyer??

albionsarah

Hope someone can advise me...

I bought a house with my ex 5 years ago, we were both on the mortgage. In 2010 we split up, he bought me out of the mortgage and I have been renting since then.

I have just had an offer accepted on a house and am searching for a mortgage, but do I put in the search box that I'm a first time buyer or moving house or what?

Thanks in advance for any replies, I have no internet at home so apologies if I'm slow to thank people on here!

ceh209

I would put in that you're a first time buyer, you should qualify for most 'first time buyer' mortgages as you haven't owned in the last 6 months/1 year.

Just check the small print before you actually apply for one!

Jimbo1976

I think under most definitions you would not be a first time buyer as you have owned a property before with a mortgage.

I think putting yourself down as a mover is a closer match. Once you start to fill out lenders application forms then you can state that you are renting

albionsarah

Haha, I'm confused now!

I was looking at First Direct mortgages, but I think an appointment with a mortgage broker is in order instead, I'll let you know what they say.

Thanks for replying! Xx

Jimbo1976

Some lenders have different product ranges for FTBs but these are typically exactly the same as the normal when you factor in higher rates that come with cash backs etc. I think the only major lender with a difference is Nationwide which charges lower product fees for FTBs.

Most mortgage brokers won't deal with First Direct as it does not deal with brokers, it just accepts direct business from clients. Have a chat with a broker to see what they can offer.

holly_hobby

Officially, you are not a first time buyer if you have ever held an interest in a previous (or present) property - whether that was by mortgage or not.

So you evidently must answer NO to that question which would (if you were a prev jnt mortgagor within the last 6 yrs ), be revealled under any CRA check anyway.

In respect of mge lenders and access to specific FTB deals, some lenders consider the applicant not having a mge in the last 12 mths, some 6 mths, as qualifying under their FTB product criteria (if they offer any such deals) - but TBH the days of isolated FTB deals are largely long gone (save for some lenders offer reduced fees to FTBs).

But to answer the original Q, technically/officially, no you are not a FTB.

Hope this helps

Holly x