questions about first mortgage

echo12

Hello, I've been reading lots of threads and articles on this, but I can't find anybody in a similar situation to me.

I own a property with an ex partner that was bought 4 years ago with no mortgage. I own about 20% of the property which is currently being rented out.

I am now looking to purchase a home with my current partner who has never owned property before. I understand that according to the government we cannot be classed as first time buyers and will therefore pay stamp duty on the purchase of a property. Please correct me if I'm wrong.

My question is whether a bank would class us as first time buyers because neither of us have had a mortgage before? We would be looking at an 80% LTV.

Thanks very much!

CloudCuckooLand

Stamp duty - correct you will not be FTB.
Mortgage - you will be FTBs.

echo12

Thanks very much for your reply CloudCuckooLand, that's what I thought. Good to have it confirmed.

Dunstonh - seeing as I've already bought property in the past, you can rest assured that I am aware it is a serious financial transaction. More to the point, there was nothing in my post that warranted such a response. There have been too many occasions on threads where I have seen seasoned posters say inappropriate and downright ridiculous things to new members. Surely your position on the forums should be used to help people rather than make them not want to post again? (This is a rhetorical question, I don't need a response.)

TrickyDicky

That was CloudCuckoolands signature. It wasnt posted by Dunstonh

CloudCuckooLand

echo12 - calm down...its my 'forum signature'. Dunstonh made the post a while ago, when someone was being flippant about a house purchase.

It struck a chord with me and I believe it would be good idea for everyone to stop and think long before commiting to a house. Sort of like "a dog is for life", but with greater financial impact.

It appears at the foot of all my posts, it was not aimed at you personally.