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Does a first time mortgage borrower qualify as a first time buyer?
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Peterrr
Posts: 96 Forumite
Our son is looking to secure a mortgage for the first time though he has technically owned a property previously - during his uni years we extended out own mortgage and provided funds for a small flat in his name. That flat has since been sold and our loan returned.
So would he qualify for a FTB mortgage? I wonder if lenders determine such via land registry records or by previous mortgage lending records. Of course it wouldn't be our/his intention to be dishonest in any application.
Many thanks
So would he qualify for a FTB mortgage? I wonder if lenders determine such via land registry records or by previous mortgage lending records. Of course it wouldn't be our/his intention to be dishonest in any application.
Many thanks
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Comments
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He might get a FTB mortgage. Nationwide have a policy where if you haven't had a mortgage in 3yrs you can get a FTB mortgage product. They do 95% ltv as well, so it's a useful one to get on if needed.
There are a few like this, but that's they only one I can think of now.1 -
As he has already owned a property he isn't a FTB in the usual sense for other benefits.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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⭐️🏅😇2 -
It depends in what sense.
If you are thinking stamp duty, then no.
If you are thinking mortgages, then it would depend on the lender.I am a Mortgage AdviserYou 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.1
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