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.
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.
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