Mortgage deals question

[NorthAngel]

Hello,
I‘m looking to buy a 2/3 bed following a divorce. Currently living in the 4 bed detached family home that is fully paid for.

Would I qualify for a first time buyer deal on the new property (that is, if I needed a mortgage)? I don’t suppose I’d be classed as a first time buyer though?

Have you previously purchased a home?

If you already own a home you aren't a first time buyer

The OP doesn't actually say that they own that home.

OP would you have the value of half (or other significant percentage) of this 4 bed detached that you are currently living in to put towards your new purchase?

If so, I don't think you need to be concerned about qualifying for a 'first time buyer' mortgage deal as they aren't generally any cheaper than standard mortgages, and might even be more expensive, because they're usually at a higher LTV.

If you currently own that home, then you might pay more stamp duty as a second time purchaser, so that would be something to look into, although I don't know how the rules would be applied if you own the 4 bed detached, but didn't purchase it, for example if you inherited it?

Yes, own the home outright. Will be getting at least half of it.

Some lenders will class you as a FTB if you haven't had a mortgage for 2/5 years. They're few and far between though. You're best to speak to a broker.

No, you are not a FTB

Some lenders will class you as a FTB if you haven't had a mortgage for 2/5 years.

this is true although it's not that same for stamp duty & many more years.

@OnlyFoolsnMothers well in some circumstances she could be.

Are you selling your current home? Then you shouldn't have to pay the higher rate of stamp duty. That's only when you have a second property..

I have been mortgage fee dole for over 5 years but I know I’m pushing my luck to be classed as a FTB. My house (the one I’m in atm) will be on the market in January, hopefully.

Nationwide would class you as an FTB. But as pp have said you’d still have to pay stamp duty.