What are we classed as for mortgage purposes

[whatshallmynamebe]

This is probably a really stupid question. DH and I are in the process of looking at mortgages as we intend to buy.

We currently own a house which has until recently been rented out. It is in solicitors hands for a sale and should complete in a couple of weeks i.e before we complete on any house we may buy.

For the purpose of applying for a mortgage are we therefore classed as first time buyers again on the basis that when everything goes through we won't have an existing mortgage?

Pretty sure you won't be first time mortgage holders as you have had a morygage.

Rather than 'first time buyer' your situation is usually described as 'no chain'. This makes you an attractive option for the vendor. Don't think it mortgage companies make the distinction. They just want to know you've got a reasonable chance of paying them back which, if you've got a good credit history having had a mortgage in the past, should be a given.

You wouldn't be eligible for any first time buyer mortgages which banks often offer as a help to get people on the property ladder, other than that it really makes no difference if you are a first time buyer or not.

Thanks everyone. Having found if difficult to find out how much exactly we can borrow, I have gone to a mortgage broker where we are classed simply as "new purchase", which should make things easier.