First Time Buyer or not

ITFC

Hi,

I am planning to buy a house next year. I last had a mortgage in 1992, this house was sold of my own volition and the mortgage paid off.

As 14 years would have passed could I safely apply for a first time buyer deal or should I declare this previous ownership in case it shows up somewhere.

If it helps my wife has never owned a house - would she legitimise a first time buyer joint application.

Thanks

hopefulfooluk

Personally I would have no hesitations in applying for an FTB deal even if I had had a mortgage in the last year or so, so long as it was paid off.

Fairdo_2

Different Lenders would have different views on whether you would be classed as a First Time Buyer or not.

Quite honestly, I can't see any benefit in saying you are a First Time Buyer, as First Time Buyers deals aren't often marketed in their own right and when they do, are not more attractive than Home Mover deals anyway.

My advice is answer the questions as they appear on the particular Lenders form, truthfully and accurately.

Some will prefer the fact that you have owned a home before, as it shows that you already have experience of servicing a mortgage.

ITFC

Thanks for the advice, I think honesty is the best policy so if I am asked the question I will answer.

deemy2004

Its all marketing - If you push them they will give in and give you the same deal as any customer... obviously given credit rating scoring....