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| *The Commerce Journal>>>Renting & Real Estate |
Can I rent now then still be a first-time buyer later? |
I would like to rent a flat for a couple of years, then maybe buy a place further down the line. You would still be a first-time BUYER. Not a bad idea to go your way--take your time, look around, build your credit, and save for a downpayment. Very sensible. Yes the 2 are not related......... Renting is not buying, so yes, you would still be treated as a first time buyer down the line. Renting does not count. You would still be considered a first time buyer. Good luck. It is an exciting step to buy your first place. Yes, renting is the logical progression to help you with the "responsibilty factor" to be looked at when you become that first time buyer. When you apply for your mortgage, the lender will want to see a couple years of past tax returns to see if mortgage interest has been deducted. If no interest has been deducted, you are a first time home buyer. You can rent for as long as you need to and then when your ready to buy, you'll be a first time home buyer. Renting and buying are two different things. you are classed as a first time buyer as long as you have not had a mortgage within the last 2-3 years so if you rent or own a house outright with no mortgage then you are classed as a first time buyer for mortgage purposes. Renting is not buying. Anybody with no property to sell is classed as a first time buyer whether mortgaging or buying outright. No, there's a difference between being a tenant and a first time buyer. Renting and buying are completely different. Rent for as long as you like, but you'll still be a first time buyer. |
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