It’s a common question and in simple terms you will if you are buying a property for the first time!
So if you’ve already bought and sold a property (even if it was 10 years ago) then you’ve lost that status.
Some other misconceptions people have are:
- The person I’m buying with isn’t a first time buyer but I am. It takes both applicants to be first time buyers to qualify.
- I’m married and have never owned a property, but my spouse has.
- I own a property outside of the UK. I own a property that I rent out. I own a property outside of the UK that I rent out.
- Someone bought me a property or I inherited a property.
Annoyingly, you’re not classed as a first time buyer in any of the above situations for one reason or another. Let us know if you have any questions.
Finally, just to add to the confusion, there are some lenders who will offer you a ‘first time buyer mortgage product’ if you have not held a mortgage in the last 3 years. So it’s always worth noting your situation in detail.
