First time buyer or remortgage?

3_kids_2_jobs_1_dog

I am hopefully going to buy my ex-partner out of the house we shared. We were mortgage free, do I apply as a first time buyer or a remortgage? Neither really seem to fit the bill, any advice would be appreciated.
TIA
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Amara

Remortgage, first time buyer is term used for people, who have never owned a property, it's not a case for you.

AnotherJoe

Who is asking this question ? Ask them what their definition is and why there's such a limited selection of options. It may simply be that "remortgage" covers all bases, eg its simply "not a FTB"?

Also note, strangely there are two different FTB definitions, one is government where HTB and other incentives come into play and you can only be one, once and you obviously arent. The other is the lenders own criteria.

MovingForwards

You will apply for a mortgage.

A remortgage is when you have one already.

Nathan_Hughes

It's just a regular mortgage application.

A remortgage would be moving an existing mortgage to another provider - which doesn't apply since you're mortgage free.

First time buyers is the term used for anyone who doesn't own an interest in property or land, so that doesn't apply for you either.

kingstreet

Nope.

This is a remortgage of an unencumbered property to purchase the leaver's equity.

Jmaho

100% a remortgage of an unencumbered property to capital raise in order to purchase other parties interest in the property

3_kids_2_jobs_1_dog

Thank you all for your help, looks like it is a re-mortgage then although all of the calculators ask for the exisiting mortgage amount and don't like it when I put in zero, I guess I'll put £1 and see what happens.

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