First Time-Buyer Advice Request

bljones65 · 20 November 2017 at 8:37PM

Hello! - Hoping someone can help.

I currently live with my wife. My wife owns the property that we live in on her own, my name is not on the mortgage. The value of the property is £115k and her equity in the property is £35k.

We are looking to move house very soon. We have already put our house up for sale.

My question is: if we now buy a property together am I classed as a first time buyer?

Can I (we) take advantage of some financial products as a first time-buyer? i.e. help to buy ISA or help to buy mortgage on a new build. How do these products work if my wife is not a first-time buyer?

We would be looking to move house in the next 2-6 months subject to an offer on the house owned by my wife.

Any advice would be appreciated.

dimbo61 · 21 November 2017 at 5:55PM

You might be a FTB but she is NOT as she owns a property.
It makes VERY little difference to the offers from Lenders.
Your wife has built up equity in her property and you can use that to provide a deposit for the joint home you are buying.

"Who is eligible?
To qualify for a Help to Buy: ISA you must:

be 16 or over
have a valid National Insurance number
be a UK resident
be a first time buyer, and not own a property anywhere in the world
not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps. See the FAQ for more detail "

So NO you cant use a Help To Buy ISA

enthusiasticsaver · 21 November 2017 at 7:38PM

You can be treated as a FTB. My daughter and son in law did just that. My daughter had a previous property, her then boyfriend moved in. They got married, sold the flat and took out a FTB mortgage as my son in law had never purchased before.

You can open a help to buy isa but your wife can't.

First Time-Buyer Advice Request

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