i recently sold my flat and paid off the mortgage.
my new wife has never had a mortgage. Are we now eligible for a first time buyer mortgage
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gowkerr
1 year ago
Expert Financial Adviser Answer
Andy Wilson
answered 1 year ago
Hi
You are not eligible for a first time buyer mortgage in joint names. Most lenders have tightened up the definition and it does need to be that neither applicant has owned a property before - with or without a mortgage.
However, there may be exceptions to the rule but in general terms you need to declare your previous ownership to the lender and let them apply their own policy decisions.
If you have a decent deposit, you should find many mortgage schemes offer similar benefits whether you are a first time buyer or not. Most 'special offers' for first time buyers are for those who need to borrow a high proportion of the value.
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You are not eligible for a first time buyer mortgage in joint names. Most lenders have tightened up the definition and it does need to be that neither applicant has owned a property before - with or without a mortgage.
However, there may be exceptions to the rule but in general terms you need to declare your previous ownership to the lender and let them apply their own policy decisions.
If you have a decent deposit, you should find many mortgage schemes offer similar benefits whether you are a first time buyer or not. Most 'special offers' for first time buyers are for those who need to borrow a high proportion of the value.
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
The bigger issue here is stamp duty. your wife could buy a property up to £250000 and not pay stamp duty (saving up to £2500) but only if she has never owned any property anywhere on the planet! but this can be interpreted to include static homes or lodges on sites.
you will most likely find that lenders would be more welcoming to you as having recently had a mortgage as opposed to being a FTB as you have a mortgage payment history to demonstrate your risk profile to them.
the theory of FTBs getting better rates nowadays is a nonsense. as Andy has said, many lenders offer perks in terms of help with valuation/legal fees or reduced admin charges if you bank with them.
a good IFA will steer you in the right direction and give you unbiased, independent advice
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you will most likely find that lenders would be more welcoming to you as having recently had a mortgage as opposed to being a FTB as you have a mortgage payment history to demonstrate your risk profile to them.
the theory of FTBs getting better rates nowadays is a nonsense. as Andy has said, many lenders offer perks in terms of help with valuation/legal fees or reduced admin charges if you bank with them.
a good IFA will steer you in the right direction and give you unbiased, independent advice