First time buyer status?

mr_sharma

I've got a quick question, is anyone able to help?

I've been gifted a property a few years ago by a family member (which had no mortgage on it and was owned outright). It's tenanted (as it was when it was gifted to me) and I'm the landlord of it.

I'm now looking to buy my first property for myself to live in (as I'm currently living at home).

In the eyes of a lender, am I a first time buyer?

HouseBuyer77

I think it depends upon the lender. E.g. Halifax demands that at least one of the people on the mortgage must never have owned property before: http://www.halifax.co.uk/mortgages/first-time-buyers/

I've seen other definitions such as 'hasn't had a mortgage for the past 3 years' though I suspect many if not all would discount you if you already own property.

MrJB

Mr Sharma, as HouseBuyer has correctly stated it depends upon the lender.

EG Nationwide state: -

First Time Buyer
Applicants who have not held a mortgage in the last three years (this includes UK and Non UK mortgages)

All applicants to the mortgage need to be First Time Buyers to qualify for First Time Buyer products/discounts

mr_sharma

Okay, that's great thank you very much.

AdrianC

Whether a lender offers you any of their particular FTB-targetted products or not, don't forget that you will be paying the 3% SDLT hike.