Am I a first time buyer?

jammie*dodger · 13 April 2008 at 5:59PM

Does anyone know the official definition of First Time Buyer? We have sold our house and are living in rented accomodation. We'll be looking for a mortgage soon with a >60% deposit.

Are we first time buyers? we'll be the first ones in the chain as we have nothing to sell so AFAIK that means we are first time buyers although we have owned property in the past.

Also are there any lenders out there who'll offer us a very good deal due to the large deposit we'll have?

Cheers, Rob.

Dan_Collins_2 · 13 April 2008 at 6:04PM

Most lenders will class a first time buyer as a person who has never had a mortgage or not had for 1-3 years. All lenders are different though.

jammie*dodger · 13 April 2008 at 6:06PM

That's what I thought. Shame though ;-)

Anyone out there offering particularly good deals If we have a large deposit? Should be about £170k

chappers · 13 April 2008 at 9:06PM

Yes to all intents and purposes you will be a FTB to the estate agent/vendor.
The fact that you have had a recent mortgage may make you smaller/greater risk to the lender depending on your payment history and their criteria.

Am I a first time buyer?

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