I'm not a first time buyer but I do not own a home, how do I get back on the ladder?

Lones

I've noticed first time buyers can get away with 5-10% deposit but this isn't accessible to me as I've previously owned a home back in 2010. I'm currently renting and looking to buy but I can't find a mortgage deal for none first time buyers that's affordable, they all seem to demand 20% minimum deposit and 60% LTV. Is this just due to Corona virus as I'm sure when I looked last year there were 10% deposit 90% LTV mortgages available to none first time buyers?

blue_max_3

Yes, it is because of the virus. It is likely to ease going forward. In fact, there may also be pressure down on values. I'd save as much as you can and put yourself in a good position going forward.

[Deleted User]

5% deposit mortgages were not limited to first time buyers.  Give it a few weeks and 5% deals will come back and you can access these

Sanne

Also, for mortgages, the definition of first time buyer is often different - Nationwide for example see customers who haven’t had a mortgage in the last three years as first time buyers so it might be that you can get a first time buyer mortgage. (https://www.nationwide.co.uk/products/mortgages/first-time-buyers). I’m not an expert so I’m sure someone will correct me if that’s wrong.

ftb-btl

You'll just need to be aware the first time buyer Stamp Duty Land Tax rules don't apply to you - so you will have to budget extra for stamp duty - but from a lenders perspective you should be considered as a first time buyer by most, like Nationwide, as above. 

blue_max_3

ftb-btl said:

You'll just need to be aware the first time buyer Stamp Duty Land Tax rules don't apply to you - so you will have to budget extra for stamp duty - but from a lenders perspective you should be considered as a first time buyer by most, like Nationwide, as above. 

What advantage is there to be considered a first time buyer?