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What am I - in mortgage terms, please?

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Looking at mortgages, as you do, and I get a choice of being a:-


First time buyer

Moving home


Buy to let


and none of these applies as I currently do not own my home, but have owned in the past :think:


Deals seem to vary depending on category, so what am I for mortgage purposes? I know I could just ask the bank/building society but I would like to know before I approach them - like to know my facts up front.


I am hoping to go mortgage-hunting for real in about three weeks' time, when the probabtionary period here expires and the job becomes permanent :pray:

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Hmmmm, isn't it annoying when we are all just supposed to fit into nice, neat little categories :twisted:


Were I in your situation I'd plump for moving home....which, of course, you are (just not mortgages!!!) If you absolutely have to tick a box before being able to proceed then that, at least, seems to fit the bill and you can always explain (when you actually get to interact with a real person!) what the exact situation is!




Sorry, rant over; I just hate this 'tick box' society that we seem to inhabit now.......people shaped people do not fit into square boxes!!!! Off for a lie down.

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I'd say you're a first time buyer, as in you don't have a mortgage to transfer and you don't need to 're-mortgage to move up the property ladder. Because you will need to apply for a mortgage any prospective lender will want to complete all their credit checks before making you a mortgage offer. Assuming you are a good financial risk you're in a very good position...no chain!

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Sold my last house about 3 1/2 years ago, having already paid off its mortgage about 6 months before that, so not over 5 years but definitely no ongoing connections. Guess I'll find out what banks class me as when I have to speak to them, just wanted to get a feel for things before I approach them. As far as I know, I am entirely credit-worthy :D


The house I would be looking to buy is my dad's, the idea being I buy the house (at full market value and with plenty of paperwork to prove it - hence the mortgage) and he gets the cash to pay for care etc. He gets a finite resource for any assessment purposes and I get to keep a roof over my head, that is all mine. Any cash my dad has left when he finally topples off his twig will be divided equally between me and my brother, but neither my brother nor anyone else will have any claim over the property. My dad will continue to live with me, paying no rent and 1/2 the bills, as I have lived with him for the last 3 1/2 years.


I know some people do convoluted things to avoid Capital Gains and Inheritance Tax, but we're not worth enough to be subject to either. My dad has a house and no money, I have some money from my previous house sale and no home of my own, my dad wants to stay where he is but is getting to the point where help is required - and my not-entirely-lovely-where-money's-concerned brother wants to make sure he gets his "inheritance".


Between family and potentially Social Services, it all gets rather complex, but the dogs, cat and hens need to have somewhere to live :lol: !

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If you can show a transfer at full market value, and full payment to your dad, then there shouldn't be any claims for care. It's only if he had disposed of an asset to you without receiving anything in return that they could claim he still had an interest in the house.

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A home trust transfers ownership of the property into a trust, which can't (after a time, usually 7 years) be considered as an asset. We were advised to set this up for my parents house after dad died in 2004, primarily because he had always taken care of everything regarding bills and management and this meant that Mum didn't have to - the trust dealt with it, i.e, me. She's now in care with Alzheimer's and Vascular Dementia. She has to pay a proportion towards care (based on savings, until a minimum limit is reached) but the house cannot be touched. One of her neighbours is in a similar position, but her family have just been forced to sell the house by the county council to pay for her care.

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