"First Time Buyer" meaning

fabian1875

Hi Guys,

I have previously bought and sold a house a few years back with my ex girlfriend.

I am potentially now looking at mortgage options, and i've noted that, although I am not a first time buyer, this meaning can actually be different to what an Estate Agents or a Mortgage broker defines as a first time buyer.

If i do not have a current mortgage, does that mean i am indeed a "First Time Buyer" in the eyes of a Mortgage firm, or would they have the same outlook as the Treasury in terms of "bought before so cannot be a fitrst time buyer"

Reason i ask is that i would be able to afford a property with a higher LTV but probably not if i dont have access to "first time buyer" rates

any help is much appreciated guys

Fabian

kingstreet

It varies from lender to lender, so that's how a broker will see you. You'll be classed as an FTB with some, not with others.

I know of no lender offering a higher LTV to a FTB. In fact, some lenders use LTI caps for FTBs not used for others.

fabian1875

Thanks for the info, If i am perceived as a first time buyer I am hopeful of finding a mortgage broker able to offer a 5% deposit mortgage however i understand these are hard to secure as it is

kingstreet

Help To Buy - Mortgage Guarantee increases the availability of 95% mortgages and it doesn't matter if you are a FTB or Homemover, as long as you'll own no other property by completion of the new purchase.