What does 'First Time Buyer' mean when buying a property?
Find out what First Time Buyer means when you are buying a property. 'What does First Time Buyer mean?' plus over 150 other property related terms and jargon in plain English
First Time Buyer
A buyer who has nothing to sell because this is their first property purchase is a "First Time Buyer". It's worth letting any estate agent know if this is your situation because you will be much more attractive to many vendors.
Your advantage is that, should you make an offer, the vendor is only reliant on you, your mortgage lender (if you need a mortgage) and your solicitor to get the sale through. If you have something to sell, even if an offer has been agreed on it, there is still twice as much to go wrong and the vendor you want to purchase from knows absolutely nothing about the stability of your buyer.
"First Time Buyers" should not be confused with "chain free buyers". Chain Free Buyers also have nothing to sell but it does not mean they do not own any properties.
Someone who owns a flat, for example, but is looking to upsize to a house may decide to rent out their flat rather than sell it. They are therefore a chain free buyer but not a first time buyer.
To find out more about different types of buyers and how you can be the type every buyer wants pick up a copy of my ebook How to Really Buy a Property.