Once you’ve purchased a property, you might think you’ve lost your first-time buyer status for good. However, there are scenarios where you could be considered a first-time buyer again, opening up exciting opportunities with lenders or government schemes (not from a tax point of view).
No Longer a Homeowner: If you’ve sold your previous property or are no longer on the title, you could qualify for first-time buyer benefits. This might mean financial perks like cashback or free legal assistance.
Time Lapse: Some lenders reset the clock after a certain period since you last owned a property. Each lender’s timeframe varies, so consulting a broker who knows the ins and outs can be invaluable.
Divorce or Separation: If you’ve parted ways with a property-owning partner, you might find yourself back in the first-time buyer category according to some lenders.
Government Schemes: Various government initiatives aimed at supporting first-time buyers have their own criteria. You might still qualify if you haven’t owned a property within a specified timeframe, typically around five years.
Remember, every lender has its own set of rules. If you’re exploring the possibility of re-entering the property market, reach out to a mortgage broker. They’ll help navigate the options tailored to your unique circumstances.
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