House Buying advice required please!!

Bennwaa

Can anyone advise me please? I currently own 40% of a shared ownership property, of which I have an interest only mortgage. So in effect I'm just renting although classed as a homeowner. I also have debts which although are manageable are taking too long to pay off as I wish to change the mortgage situation or preferably move completely. My Mum has offered for me and my wife and three kids to move in with her for a year and sell my house(which we are glad to do) pay off debts with money made from house (as house price has increased due to improvements) and save deposit for new house. Having done the maths this is possible especially as my wife now has job and rent will be cheap (thanks to my Mum)!! Just worried that my excellent credit score will drop due to no utilities in my name and that I'm missing something obvious. Also could we be classed as first time buyers after selling up and renting for a year? Any advice however obvious gratefully received!!!!!

G_M

Make sure you are on the elctoral register when you move. If you put one of your mum's utilities in your name it might help - not sure.

There's no one definition of a FTB.
* Estate agents will consider you a FTB as you'll have no property to sell.
* Most mortgage lenders (but perhaps not all) will also consider you a FTB.
* The government probobly won't, for most purposes, eg access to Help to Buy ISAs

Bennwaa

Thanks, will get the phone and another utility in my name, thanks again!