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What is a "first time buyer" ?
hopingforthebest
Posts: 3 Newbie
Neither my partner nor I have a mortgage nor do we own a property (in rented house). We have both had mortgages in the past but these have been fully repaid.
We are not classic "first time buyers" who have never had a mortgage/owned property. Both in our early 50s, we'd be looking for a 15 year mortgage term.
What kind of mortgage do we qualify for?
How about the new Jan 2014 Govt backed deposit scheme?
Any advice welcome :rotfl:
We are not classic "first time buyers" who have never had a mortgage/owned property. Both in our early 50s, we'd be looking for a 15 year mortgage term.
What kind of mortgage do we qualify for?
How about the new Jan 2014 Govt backed deposit scheme?
Any advice welcome :rotfl:
0
Comments
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Most lenders will consider you first time buyers.
You should be OK for the Government Schemes as long as you do not own any property currently.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Thanks MSStalwart.
What about 15 year term mortgages? Any lenders worth looking at?0 -
A mortgage with a 15 year term or a mortgage product with that duration, such as a 15 year fixed rate?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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a mortgage with a fifteen year term0
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15 year mortgage term shouldn't be a problem with any lender.0
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A mortgage can normally be written to age 70 now without too much of an issue. The odd lender may query how you'll pay the mortgage after 65 if you have a manual occupation it questions your ability to continue doing.
FWIW Halifax would not consider either of you FTB as you have owned property before, but many lenders stipulate if it's over three years since your last property, you would be FTBs to them.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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