If you already own a property and your are looking at buying a first time buyer property you would normally be restricted and unable to buy the property.
However, there are a couple of exceptions;
If you own a share transfer property, you currently would still qualify to buy a first time buyer property.
If you own an apartment by flying freehold, provided that you sell that apartment to a bona fide first time buyer you can keep your first time buyer status. You will need to contact the Population office to receive confirmation that the policy is still in force.