mortgage advice

in_need_ofhelp

Hi some advice would be much appreciated.

I own my grans house currently and have done for past few years now (on a 3 year fixed deal with 6 months left). I live in rented accommodation with my boyfriend. My gran has just been offered house in sheltered accommodation so will be moving soon.

My question is my boyfriend and I want to remortgage the house into both our names and up the mortgage to do some work in the house. My boyfriend has never had a mortgage before so we have been told by friends we would treated as first time buyers even though I've had a mortgage mortgage for 2 1/2 years. Is this correct?

ShALLaX

Search is wonderful. https://forums.moneysavingexpert.com/discussion/2373025

ch3101

If you have enough equity/a large enough deposit then you don't need a FTB mortgage.

ValHaller

ShALLaX wrote: »

Search is wonderful. https://forums.moneysavingexpert.com/discussion/2373025

But also misleading. The thread in question from 2010 focuses on FTB Stamp Duty exemption, which no longer applies.

I think that the real answer is that

My boyfriend has never had a mortgage before so we have been told by friends we would treated as first time buyers even though I've had a mortgage mortgage for 2 1/2 years.

is substantially a red herring from friends who really do not know what they are talking about.

The real questions are

• what is the LTV of the property including any extra borrowing for work to be done
• whether you meet the affordability requirements
• whether your credit records are clean enough for the lender

In truth being FTB makes very little difference - and apart from the SD exemption, there is no universal definition of a FTB.

in_need_ofhelp

House was valued at 90k 2 1/2 years ago so presumably will be roughly the same (live in Scotland)

Currently have 51k mortgage and want to up to 75k

We have combined income of 35k and both have good credit reports.

ACG

in_need_ofhelp wrote: »

My boyfriend has never had a mortgage before so we have been told by friends we would treated as first time buyers even though I've had a mortgage mortgage for 2 1/2 years. Is this correct?

No, your not a first time buyer.
But in the current climate it makes very little different anyway so i wouldnt worry about it.