Am i a First Time Buyer?

DS77

Hello!

I have had friends (who work in banks) say that if i have never applied for a "First Time Buyer" mortgage, then i can still go for one even though i've had property before.

Here's my situation:
Owned a property with my brother for approx 8 years.
Sold this property at a HUGE LOSS to move in with then girlfriend.
Moved in with then girlfriend for 1 year, essentially paying rent to her.
Bought a place together and broke up after 10 months.
She gave me hardly anything in the split.

Its now over 2 years since ending everything and i'm struggling to save as i'm paying rent on my own.

I really dont know how i'm going to own property now. I'm 37 with a decent job, but saving up something like £15k for a deposit seems impossible. I dont have parents or family, pretty much on my own.

These FTB schemes would really help me!
So would i qualify for them since i've never had a FTB mortgage before?

Any advice would be massively appreciated

Thanks

chunkytfg

Possibly a FTB on a mortgage depending on the banks criteria as there isn't an official set of rules they follow for that.

In terms of Help to Buy schemes then I think you're out of luck as i think thats for purely never owned anything type people.

On top of that you'll not be eligible for FTB stamp duty rates either

Sorry

aries_163

You would be able to use the HTB equity loan for a new build if you don’t currently own a property, but you not eligible for other HTB schemes - stamp duty exemption for 1st time buyers, HTB isa, LISA, etc, as you have owned TWO properties in the past.
With these schemes, I’d suggest you read ‘first time buyer’ as ‘first time owner’.

_CC_

9/10 if you have to ask then you're probably not.


Most government schemes, such as zero stamp duty or HTB ISA, you'd be ineligible for as you've previously owned a property.


Your friends may be able to point you towards a lender that will consider you a first time buyer for mortgage purposes, if that's what you mean by 'FTB schemes'.