Are we FTBs or Home movers?

acs_2

My other half and I are looking to buy our first home together on a joint mortgage. She's never had a mortgage before and I've had a mortgage for the last 5 years on a property which Ive sold to assist our purchase.

My question is, In the eyes of a lender, are we classed as first time buyers, because of her status, or are we classed as home movers, because of my status?

kingstreet

Probably FTB, because one of you qualifies.

Check with lender you intend to use.

acs_2

kingstreet wrote: »

Probably FTB, because one of you qualifies.

Check with lender you intend to use.

Thanks. I was kind of expecting us to be classed as FTBs....because the lenders can eek a couple of extra percent out of us on what we borrow.

Senior_Paper_Monitor

'First' or 'next' time borrower makes little or no difference in the majority of cases - and certainly not "a couple of extra percent".

Definition varies by lender.

acs_2

Senior_Paper_Monitor wrote: »

'First' or 'next' time borrower makes little or no difference in the majority of cases - and certainly not "a couple of extra percent".

Definition varies by lender.

Ive used some mortgage calculators / comparison tools which give an option of selecting FTB or home mover, and the rates have differed...and some by a couple of percent. It appears that if you're classed as a FTB you're a higher risk when it comes to borrowing, and subsequently the cost of borrowing goes up.

kerbo2003

Hi there,

My wife and I sold our house in June 2012 and moved into rented.

We are buying the house we rent and Yorkshire Bank class you as FTB if you have not owned a house for 12 months.

The rate for 10% is good at 3.99% for 3 years, we no fee, free valuation and £250 cashback.

Worth looking at.

PasturesNew

There are two reasons for the label of FTB:

1] Marketing by lenders, who might apply some arbitrary length of time prior to purchase as being relevant. It's all marketing.

2] Official Govt schemes offering enticements - these tend to exclude anybody who has ever owned, or part-owned, any property under any circumstances.

acs_2

kerbo2003 wrote: »

Hi there,

My wife and I sold our house in June 2012 and moved into rented.

We are buying the house we rent and Yorkshire Bank class you as FTB if you have not owned a house for 12 months.

The rate for 10% is good at 3.99% for 3 years, we no fee, free valuation and £250 cashback.

Worth looking at.

Thanks. Ive owned mine for five years...I wonder if that may change anything. I'll be sure to have a conversation with Yorkshire bank - we have an account there too.