My wife and I used to own a house. Then we sold it and moved abroad (where we rent) for several years.
When we go back to the UK, will we be classed as 'first time buyers', because we don't have a property to sell, existing mortgage etc.
Or not?
Why would you want to be classified as a ftb anyway ?, it is not an advantage and quite often a disadvantage. The rates are not better for ftb's.
At low deposit values FTB rates can be better than standard rates, in my (admittedly limited) experience. Or indeed some deposit values are only available to 'FTBs'.
Why would you want to be classified as a ftb anyway ?, it is not an advantage and quite often a disadvantage. The rates are not better for ftb's.
The government use examples like you to boost the 'first time buyer' figures. So Yes.
No, also they would not be any different than second time buyers.
99.99% certain that Stamp duty benefit for first time buyers now gone - but from what I remember of the rules if applicant had ever owned a property before that automatically meant not a FTB for purpose of getting the discount!
Your "House prices to crash" thread proved to be a damp squib
Only so far. When inflation rises and rises, the interest rates will have to rise and then watch the repos' go up.
But Uncle C is adamant that house prices are not determined by interest rates.Only so far. When inflation rises and rises, the interest rates will have to rise and then watch the repos' go up.
In that case, you are a first time buyer. Basically, shop around for the best rate you can get. If that rate means you need to be a first time buyer, then say your a first time buyer. PM me if you'd like detailed advice on this.Thanks for the help everyone.
My impression is that FTB rates can sometimes be better, especially if our deposit is likely to be around 15–20% LTV, rather than the 25%+ most lenders are pitching their best rates at.
But Uncle C is adamant that house prices are not determined by interest rates.
In that case, you are a first time buyer. Basically, shop around for the best rate you can get. If that rate means you need to be a first time buyer, then say your a first time buyer. PM me if you'd like detailed advice on this.
Thanks for the help everyone.
My impression is that FTB rates can sometimes be better, especially if our deposit is likely to be around 15–20% LTV, rather than the 25%+ most lenders are pitching their best rates at.
I haven't said otherwise.I don't believe this is the case.
It's not. I said find the best deal, and 'if that rate means you need to be a first time buyer...'. You're simple saying that the best deal he can find will not be for a first time buyer, so he won't say he's a first time buyer will he.why is this thread wanting the OP to go down the road of basically lying and disadvantaging himself ?
Better than a kick in the face.a couple of lenders charge a lower arrangement fee for ftb's