Return to the Mortgage Glossary Home to view explanations for all mortgage terms. What follows is the definition for the term First Time Buyer as it relates to mortgages in the UK. First Time BuyerA first time buyer is a person who is buying for the first time, does not already own a property and is therefore not part of a chain. Some lenders offer preferential lending terms to first time buyers. A borrower who has owned a property before but has sold this prior to buying again may be offered first time buyer terms by some lenders but this is dependent on the lender.
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