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Am I a first-time buyer?
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The shared ownership thing is a red herring.
If you owned a property, you owned a property.
If you had a mortgage, you had a mortgage.
Either one will see you being treated as a home-mover or subsequent purchaser by some lenders.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 -
Why do you ask GirlFairy?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 -
My husband and I are just going through the mortgage/buying process now. We both previously owned homes before we met, for me it was about 8 years ago, for my husband about 7 years ago. We have been classified as first time buyers. I think all lenders differ, and it depends on how much time has passed since you owned your home.Co-op loan: £2672.38. :eek: £2886.64 / £5559.02
HF's B'card: £2468.00 0% until November '17 _pale_ £255 / £2524.00
HF's FD Loan: £5467.78. :eek: £918.72 / £6386.52
Total: £5376.62 / £15814.78 33.99%
http://forums.moneysavingexpert.com/showthread.php?t=5344322
Emergency fund - £53.24 / £500 No. 108 in PYDOXMAS160 -
Why do you ask GirlFairy?
Just with all this talk for helping 'first time buyers' with ISAs, home price reductions etc. obviously it's a little bit of a worry to think we could be excluded from this despite never owning our own home. When we lived in our shared ownership home it was always clear it wasn't 'ours'- mainly paid housing association rent, housing association did repairs etc, we were not allowed lodgers or to rent it out etc because it wasn't ours to do so... Yet if we try and get first-time buyer help we will probably be told we have 'owned a home'!
But thank you to the serious replies to my question! I'm still not 100% sure where we stand but I'm prepared either way.0 -
Who qualifies for what depends on how much profit the builders want and how many votes the Government want.
I would not worry about anything you cannot control.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
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