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FTB vs New buyer
TrueBlueAngel
Posts: 63 Forumite
Can someone tell me the difference between a first time buyer and a new buyer. We've been advised by our mortgage advisor to be a new buyer rather than a FTB. Whats the difference?
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Comments
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A FTB is someone who has not held a mortgage within the last 12 months in most lenders definitions - normally it does not make any difference to the products you are able to access.
Did you ask your adviser why?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
some lenders will only class you as a FTB if you have never owned a property and had a mortgage before. Some will class you as a FTB if you have not had a mortgage for a few years.
New buyer is not a term I use but I am guessing it is because you have no mortgage at the moment but have had recently?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The mortgage advisor said it had something to do with raising our credit scoring, but it means little to me. I'll need to ask further.0
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