What am I????? Confused about borrower status!

carriebo

Hey everyone
I sold my house 10 years ago and moved to Spain. I returned 7 years ago and lost all my equity in the credit crunch. I have been renting for 7 years and finally have enough for a deposit for a mortgage. However when looking for deals you either have to be a first time buyer, an existing borrower or a remortgager....I am none of these things! Do I count as a first time buyer since I don't already own a property? Thanks for any replies in advance :eek:

PasturesNew

Mostly they're just marketing labels, so they can "brand" various packages and target specific groups of people.

FTB where the Govt schemes are involved though do mean "never owned/part-owned a house".

So, in the main ..... ignore your perceived status and cut through the marketing of a product and just start with working out what sort of deal/rate you want, then go see a broker and see if they can match you against a package.

carriebo

Thanks very much!!

Hutch100uk

I am the same. Sold up 10 years ago and have rented since. Our broker actually put us down as 'first time buyers' because we owned so long ago although we know we;re not eligible for first time buyer isa's and other offers.

kingstreet

You're a homemover/subsequent purchaser, although one or two lenders will permit you an FTB product as you have not owned nor had a mortgage for 3+ years.