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I had a joint mortgage with my ex-wife. Now I'm off that and on my own, am I a first time buyer again?

Posted on 14 February 2014 by Kevin


After separation, what am I classed as for mortgage purposes? Am I a first time buyer, even though I'm not? My wife has had my name removed from our joint mortgage.

Kevin,

If you have owned a property in the past then lenders will tends to class you as a next time buyer, however there are some that will say that you are a first time buyer if you have not owned a house for the last three years.

However, this distinction does not really matter, as most lenders offer the same products to first time and next time buyers alike. Occasionally a lender may reduce the upfront fees for a first time buyer (maybe charging £495 instead of £995) but the rest of the product will be the same.

If you would like to talk about your situation please contact one of our mortgage experts on 0344 346 3672.

Regards,

Simon

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