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Am i a first time buyer?
Meglaura
Posts: 1 Newbie
Hi,
I am looking to buy my own home. I have previously owned a house with an ex boyfriend. I am no longer on the mortgage or the deeds to this property and would not have have had a mortgage for 3 years when I come to buy a new house. Would I be classed as a first time buyer? If not, what deposit would I need to put down?
Thanks in advance!
I am looking to buy my own home. I have previously owned a house with an ex boyfriend. I am no longer on the mortgage or the deeds to this property and would not have have had a mortgage for 3 years when I come to buy a new house. Would I be classed as a first time buyer? If not, what deposit would I need to put down?
Thanks in advance!
0
Comments
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If you have EVER owned, or part-owned a house, then you are NOT a first time buyer. I would suggest you need a 10% deposit as a minimum.
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660 -
No, you aren't an FTB for most government incentives.
It's very unlikely you are for any lenders, but they may have their own requirements. 3yrs would be very short, though.0 -
I think the bit in bold answers your first question.Meglaura said:Hi,
I am looking to buy my own home. I have previously owned a house with an ex boyfriend. I am no longer on the mortgage or the deeds to this property and would not have have had a mortgage for 3 years when I come to buy a new house. Would I be classed as a first time buyer? If not, what deposit would I need to put down?
Thanks in advance!
As for a deposit, that would depend on the lender. At a very minimum you will need 10%, but lots are now asking for much more than this due to the uncertainty of the market. There will also be a limit on how many times your salary you can borrow, and whether you already have any other loans. You will also need cash for solicitors fees and other costs.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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