First Time Buyer Qualification

Posted on 4 April 2010 by Mike Wilson


As someone who sold a house 4 years ago but never bought another since (I have rented since then) , would I qualify as a first time buyer:

  1. in terms of the latest stamp duty changes?
  2. in terms of applying for a new mortgage?

Mike before speaking to an independent mortgage adviser about your situation.

Latest Stamp Duty Changes: This only applies if you have never owned a house or flat in the UK or anywhere else in the world.

Applying for a mortgage: There are very few First Time Buyer only products on the market now and these tend to be aimed at borrowers who have never owned a property. The majority of Lenders have made all their purchase products available to both Home Movers and First time Buyers and this means that unless you have a specific need, such as a very high Loan to Value, there is a greater choice of mortgages available.

Depending on your own circumstances, you may qualify for one of the Governments FTB Homebuy initiatives. For these you must not be named on a mortgage or currently own a property. There are other qualifying criteria and I recommend that you look at the Home and Community pages on the Government's own website.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.