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Can I get a first time buyer mortgage if my husband already owns a property?
London_lady_2
Posts: 1 Newbie
Hi,
I wonder if anyone could give me any advice on this. I haven't really started looking into it all yet, so sorry if I'm being naive!
My husband owns a property, which we currently live in. I'm not on the mortgage. He's planning on going abroad to work for a couple of years and I'm going to stay in the UK. We would like to buy a smaller property for me to live in whilst he's abroad. We'd keep my husbands property and rent it out. I have never owned a property and would be applying for the mortgage for the new place in my name only. Would I be eligible for a first time buyers mortgage, and all the advantages that come with that? ie: low deposit.
Any advice gratefully received.
I wonder if anyone could give me any advice on this. I haven't really started looking into it all yet, so sorry if I'm being naive!
My husband owns a property, which we currently live in. I'm not on the mortgage. He's planning on going abroad to work for a couple of years and I'm going to stay in the UK. We would like to buy a smaller property for me to live in whilst he's abroad. We'd keep my husbands property and rent it out. I have never owned a property and would be applying for the mortgage for the new place in my name only. Would I be eligible for a first time buyers mortgage, and all the advantages that come with that? ie: low deposit.
Any advice gratefully received.
0
Comments
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The deposit requirements are the same for home movers as they are for FTBs. You tend to find you might get lower initial costs on an FTB product, but home movers might get better rates.
You are an FTB and the mortgage can be an FTB product for you alone. If you buy in joint names, then you would need a joint mortgage and then you would not qualify with some lenders.
Where a lender accepts one applicant is a FTB, you could. It varies, but the benefits aren't that great that you need to worry about it.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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