Am i a first time buyer or not!!

selectcase

Sounds like a silly question but basically I sold my house in March - we are currently living with parents and will be looking for a Light/sub prime mortgage at around december around for around £75k/40% ltv

I does not really affect me apart from looking at the various lenders criteria some state that a ftb is someone who does not currently own a house - however I did and can provide 12 months satisfactory payemts etc up to march 08 if needed

maninthestreet

As you've previously owned a property, logic would dicate you're not a first-time buyer. Maybe some lenders will view this differently.

Dick_here

I was in this situation a number of years ago. I was still classed as a ftb despite having owned a property in the previous year. It just seems to mean 'no current property'.

kunekune

Btw, on the whole being a FTB is a positive rather than a negative. Odd as it may seem, better deals are often given to the FTB than to the mover, despite (as you point out) the mover being able to prove their financial reliability.

luckyfool

selectcase wrote: »

Sounds like a silly question but basically I sold my house in March - we are currently living with parents and will be looking for a Light/sub prime mortgage at around december around for around £75k/40% ltv

I does not really affect me apart from looking at the various lenders criteria some state that a ftb is someone who does not currently own a house - however I did and can provide 12 months satisfactory payemts etc up to march 08 if needed

In this instance with the biggest player left lending in Sub-Prime (GE Money/First National), you would be considered a First Time Buyer. They require you to have held a mortgage in the 3 months prior to application for you to be considered a home mover.

In this instance being a First Time Buyer is viewed as a minor negative (at least by this lender), as with regards to your impaired credit history they are looking for as many clues as possible as to whether you represent a good risk for them to lend money to. As you do not/will not have a current and very recent mortgage payment history for them to consider then you would represent more of an "unknown" quantity than someone who has made all their mortgage payments for the last 12 months at the time of application.

The upshot with this lender at least is that their criteria is slightly tighter (they will only do Self Cert under more restrictive terms), and they charge higher rates on their First Time Buyer ranges of products. If your credit profile is more "adverse" than would fit under their FTB range then you would fall under their standard heavier adverse products and be paying the same rates as a standard home mover (though with larger deposits required from First Time Buyers).

Other lenders such as BM Solutions would still class you as a Home Mover/non- First Time Buyer.