If I sell now and buy again in the summer will I be considered a first time buyer?

Posted on 28 February 2008

Hi,

My interest only mortgage deal is due to run out in April 2008. I hope to sell my property before then. I assume if sold before April I will part with my lenders with any profit made? My question is, when I go to buy again later in the summer will I be considered as a first time buyer again and entitled to the cheaper rates usually applicable with this kind of application? Thanks

Hi Joanne,

No your lender would have nothing to do with the profit made, regardless of when you sell.  It's all yours.  However, you may have a penalty called an Early Repayment charge if you sell before your deal is up.  Have  a look at section 10 of your Key facts illustration (quote) or mortgage offer you got when you signed up for the mortgage.

If you buy in the summer, you will not be treated as a first-time buyer. And contrary to common belief, first time buyers don't tend to get better deals. At the moment in fact, they are slightly worse.

Category: First-time buyer

 

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