Mortgage Advisors: Help define a 'First Time Buyer'

[devnull]

Hello,

Last year I was paying a mortgage on a property. Due to personal circumstances, I sold the property, banked the equity and started renting a property. The mortgage was settled and that was that.

I'm due to get back on the property ladder, and in the planning for it, I am finding the whole definition of first-time buyer confusing. Lots of contradicting definitions and interpretations.

Also, the application for the mortgage would be joint, my wife has never entered into a mortgage before. Does this make a difference?

This would, of course, make a huge difference towards a stamp duty saving.

So in short:
I had a mortgage for about 6 years, sold the property, closed the mortgage (Halifax)
Currently renting, I do not own any other property
Wife definitely classifies as a first-time buyer.

Are we eligible to be first time buyers, for BOTH mortgages AND stamp duty?

Thanks in advance!

[PixelpeepS3]

a first time buyer is someone that buys a house, for the first time.

you are not a first time buyer.

</thread>

[devnull]

PixelpeepS3 said:

a first time buyer is someone that buys a house, for the first time.

you are not a first time buyer.

</thread>

As I said, it doesn't seem to be as clear-cut as that, hence me asking.

[Sarnie]

PixelpeepS3 said:

a first time buyer is someone that buys a house, for the first time.

you are not a first time buyer.

</thread>

It's not the end of the thread...........

Each lender will define what is a FTB to them...........some may be "never owned a property ever"..............some may be "not owned a property in the last 3 years"......................

[PixelpeepS3]

Sarnie said:

It's not the end of the thread...........

Each lender will define what is a FTB to them...........some may be "never owned a property ever"..............some may be "not owned a property in the last 3 years"......................

I stand corrected.. i've just seen Nationwide's definition:

First Time Buyer
Applicants who have not held a mortgage in the last three years (this includes UK and Non UK mortgages).

All applicants to the mortgage need to be First Time Buyers to qualify for First Time Buyer products/discounts.

Applicants who are capital-raising on a mortgage free (unencumbered) property must be classed as re-mortgage customers, regardless of the length of time they have been unencumbered. "First Time Buyer" should be used solely as a purchase transaction.

[Mr Pointy]

That's ok for mortgages but what about for stamp duty purposes? Is the definition any more definate?

[Sarnie]

PixelpeepS3 said:

I stand corrected.. i've just seen Nationwide's definition:

First Time Buyer
Applicants who have not held a mortgage in the last three years (this includes UK and Non UK mortgages).

All applicants to the mortgage need to be First Time Buyers to qualify for First Time Buyer products/discounts.

Applicants who are capital-raising on a mortgage free (unencumbered) property must be classed as re-mortgage customers, regardless of the length of time they have been unencumbered. "First Time Buyer" should be used solely as a purchase transaction.

Exactly the lender I was thinking of.........

[Sarnie]

Mr Pointy said:

That's ok for mortgages but what about for stamp duty purposes? Is the definition any more definate?

Stamp Duty is "ever"........

Go to page 7;

https://www.gov.uk/government/uploads/system/uploa...

"Chapter 3: Definition of a first time buyer
In order to count as a first time buyer, a purchaser must not, either alone or with others,
have previously acquired a major interest in a dwelling or an equivalent interest in land
situated anywhere in the world."

[devnull]

Thanks, Sarnie! I knew I could get a sensible answer, even if it isn't necessarily what I wanted to hear. Looks like I'll need to pay the usual amount of stamp duty.

Are there any particular advantages to a first-time buyer mortgage? I'd be looking at a 90% mortgage given that I've now moved to a ludicrously expensive area in the south-west.

[Sarnie]

devnull said:

Are there any particular advantages to a first-time buyer mortgage?

Nothing significant on the whole.......