Ok,
everyone understands what a first
time home buyer is but we are often asked about second time
buyers; so here we go...
If
you have previously owned a property but do not do so at the moment,
and you want to buy a new property, then you could be classed
as a “second time buyer” for mortgage
purposes. (If you want to know about getting
a second property, while keeping your first homeor
Getting
a second mortgage which are different, click on those links
)
The
second time buyer status has certain pros and
cons.
If you sold your previous property and made a profit then hopefully
you will have saved this money to be used a deposit.
The
bigger deposit you have the better; firstly because your monthly
repayments will be less and secondly because mortgage lenders
look more favourably on people borrowing a smaller proportion
of a property’s value – called the loan-to-value
(LTV).
The
smaller the LTV you need, the more competitive the deals available
to you.
Also
if you kept up with repayments on your previous mortgage your
credit record will reflect this and make you a good bet for lenders.
However because a first-time buyer is generally defined as someone
who has never previously owned a property – and you have
– you are unlikely to be eligible for specific first-time
buyer deals.
These
could be either FTB mortgages or shared
ownership schemes specifically designed to help people get
their first foot on the property ladder.
However bear in mind that some lenders regard people who have
been absent from the property ladder for three years or more as
a first-time buyer so it is worth shopping around.
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