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Will STR'ers qualify for FTB'er deals?
PJD
Posts: 582 Forumite
Deals offered to FTBers from banks and development companies, - will they know if you've been on the property ladder before?
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Comments
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They may or may not know, but they don't care. They're not offering them because they feel sorry for you, they're offering them because you're not in a 'chain'. STR has all the advantages for them so they're almost certain to let you in.Hurrah, now I have more thankings than postings, cheers everyone!0
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Put it like that the answer is obvious (duh!)
They're hardly offering them for the FTB'ers benefit are they.
I haven't actually looked into the offers available, - this quesiton rose from a conversation I had with a genuine FTB who was telling me about some seemingly very good deals currently available.... - hmmmm...
Cheers0 -
They may or may not know, but they don't care. They're not offering them because they feel sorry for you, they're offering them because you're not in a 'chain'. STR has all the advantages for them so they're almost certain to let you in.
What is the advantage for the bank that you're not in a chain?
The bank gets the interest on the loan, whatever the case. With someone who is moving up the ladder, the bank is probably loaning more, PLUS they have a more comprehensive credit history. An FTB is essentially an untested case.
Or am I missing something?Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Also, I thought FTBs paid slightly higher interest so that banks could hedge the risk?Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0
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I always assumed I wouldn't be a FTB after I'd bought/sold a house.
I don't expect to need a mortgage ever again, but will note this is worth looking into/noting "in case", or to advise friends. Will be watching this thread0 -
Banks want to hook FTBers with good deals; get them on the books & move them onto the SVR eventually."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
In my (limited) experience, lenders class you as a FTB if you have no property to sell. If you sold your property months ago and banked the equity, then you would be a FTB. It's nothing to do with if you've ever owned a property - more to do with if you currently have a property to sell.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Correct! as the advert goes, they lure them with the big fat juicy worm and try and hoik them in the keep net.Guy_Montag wrote: »Banks want to hook FTBers with good deals; get them on the books & move them onto the SVR eventually.
STR or FTB, identical as far as banks are concerned.anger, denial, acceptance0 -
The question for me (as an STR as it happens, partly because I expect prices to fall but partly because I moved from a town where I could afford to buy to one where I couldn't) is whether we will be able to wangle any of these Government FTB deals. I think that may be trickier...Hurrah, now I have more thankings than postings, cheers everyone!0
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IIRC, the Council for (of?) Mortgage Lenders calls an FTB anyone that hasn't owned a house in the last 9 months.0
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