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First-time Buyer Confusion

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Hi,

My boyfriend and I are currently saving a deposit to buy a property together. I am confused about our position when it comes to applying for the mortgage.

Our situation:

My boyfriend already owns a property which he purchased with his ex 10 years ago and then bought out her share when they split. He has 15 years left on the mortgage. Also, he does not intend to sell the house. Similar properties in the area are worth £500 rental income per month. This is double the current monthly repayment.

I have only ever rented and so individually am a first time buyer. When speaking to my bank they said we could benefit from first-time buyer benefits if I were to go as the lead on the mortgage.

Is this true of all banks?

Also, what would be the effect on stamp duty? HMRC states that all parties must be first time buyers to benefit from the 0%.

Obviously these factors will have an effect on the deposit we need to save so any advise would be gratefully received.

Thanks,
Beccy

Comments

  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    I think some banks might have different criteria when it comes to what a FTB is - probably best to go to a mortgage adviser for help with this?

    You will definitely have to pay stamp duty though as your partner isn't a FTB
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