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Confused if I'm a first time buyer?
Worriedmummy
Posts: 355 Forumite
Hi- I'm aware that the help to buy equity loans change in March 2021 to first time buyer only.
I had a joint mortgage for a couple of years over 12 tears ago, but then sold the house and rented.
I'm finding conflicting advice online as to whether I'm now classed as a first time buyer? Some websites say yes after not owning a property for 3 years, others so you can't have ever.
I'm just trying to figure out how long I've got as I'm currently saving for a deposit, but relying on the equity loan
I had a joint mortgage for a couple of years over 12 tears ago, but then sold the house and rented.
I'm finding conflicting advice online as to whether I'm now classed as a first time buyer? Some websites say yes after not owning a property for 3 years, others so you can't have ever.
I'm just trying to figure out how long I've got as I'm currently saving for a deposit, but relying on the equity loan
2012 wins = £933 :j
2013 wins so far = £4,025 :j
July wins: Holiday to Marbella :j
2013 wins so far = £4,025 :j
July wins: Holiday to Marbella :j
0
Comments
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It's a true definition for HTB EL from 2021 as it is now for the HTB ISA.
If you have ever owned property you are not a FTB.
Lenders may choose to give you a FTB product if you have had no mortgage for three years. That's their choice.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you, the actual loan is from the government though isn't it, not a 'lender' as such, so it would be a definite no from March 2021?
Would this mean you'd have to be completed and moved in for that date? Sorry I'm new to this and it's just changed my saving plan by a good 6 months.2012 wins = £933 :j
2013 wins so far = £4,025 :j
July wins: Holiday to Marbella :j0 -
I suspect it will apply to new applications after 1 April 2021.
Yes. What I'm saying is lenders can do what they want but the Government is hard and fast on true FTBs only, as it is now on SDLT and HTB ISAs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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