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Am I A First Time Buyer?!?!
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I agree with G_M. My friend (still) owns a property and recently bought a second property house on a joint mortgage with her boyfriend. Because he had never owned property, they were offered FTB mortgages. It depends what the lender's view is.
For mortgages maybe. For SD purposes, unfortunately the lender's view isn't worth tuppence. It's the HMRC definition that matters and the OP is definitely not a FTB under that definition.Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
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no. just in case your hard of hearing/understanding, ill repeat:ryanguevara1983 wrote: »I bought a house with my wife a few years ago. am I a first time buyer??
no.Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
Originally Posted by ryanguevara1983
I bought a house with my wife a few years ago and sold the house. am I a first time buyer??...Most of the mortgages I can afford are for first time buyers ...no. just in case your hard of hearing/understanding, ill repeat:
no.
Because you clearly ARE hard of hearing/understanding I'll repeat:
Yes, in the view of MOST mortgage lenders.
(but not the Revenue for SDLT about which the OP has not aked).
Best advice, though, since you're getting contradictory advice from this forum, would be to visit an Independant Financial Advisor who will recommend mortgages appropriate to your history.0 -
For mortgages maybe. For SD purposes, unfortunately the lender's view isn't worth tuppence. It's the HMRC definition that matters and the OP is definitely not a FTB under that definition.
The OP was asking if he was eligible for a FTB mortgage.
The lender's view is paramount. The HMRC definition is irrelevant!
My own personal definition of a FTB differs from both a typical mortgage lender's AND the HMRC's - but my definition is ALSO irrelevant, since the OP is ENQUIRING ABOUT MORTGAGES!0 -
I'm in the same situation as her. I sold my flat last December and have been staying with friends ever since. I've found a possible flat now and need to apply for a new mortgage.
It seems like being a FTB is very much at the lender's discretion.
What about for the stamp duty? Would I have to pay it?
Many thanks, grazi0 -
Grazi, as you have owned a property before you will have to pay stamp duty if the property is priced over 125k.
However if it is in a disadvantaged area (check HRMC website) the property may be exempt from SDLT0 -
This has been really useful, I totally understand that if you've owned property before then you won't qualify for the stamp duty change, however there is a different definition used by mortgae lenders if you don't currently have a mortgage and own a property. Seems very clear to me. The key to the message it to be honest with your application. Thanks g_m.0
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I'm in the same situation as her. I sold my flat last December and have been staying with friends ever since. I've found a possible flat now and need to apply for a new mortgage.
It seems like being a FTB is very much at the lender's discretion.
What about for the stamp duty? Would I have to pay it?
Many thanks, grazi
I assume you are trying to wind these folk up? I suggest reading all of the posts above and it will be clear you would not qualify when it comes to stamp duty as that is not a lender decision it is a HMRC decision.0 -
ryanguevara1983 wrote: »I bought a house with my wife a few years ago. We separated and sold the house.
Most of the mortgages I can afford are for first time buyers (e.g. smaller deposit requred).
As I am now on my own, and it will be the first time that I have been the sole home owner, am I a first time buyer??
Not unless you are buying for the FIRST time! Being an FTB is like being a virgin, you can never go back. You are however a buyer in a chain-free position which will make you more attractive to many vendors and in a position to cut a deal with someone keen to move swiftly.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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