Can we both be "First time buyers"?

pootleflump

My husband and I have a property which we rent out (mortgage is only in my name) and we've decided to buy another; would my husband be eligible to now apply for a first time buyer mortgage?

Also, our current property is on a residential mortgage as I was in the forces when I purchased it, so the mortgage companies give a concession for the fact you're unable to live in the property but plan to in the future.

My thinking is that my husband (also in the forces) should now be able to get a first time buyer residential mortgage also.

Am I wrong???

Yorkie1

It depends on the particular T&Cs of the lender in question.

I very much doubt that you would qualify as a FTB if you currently own any property, even if it is let out. I suppose your OH may qualify if he is the sole owner / mortgagee on the new property, depending on whether he has previously owned any property. Some lenders will stipulate no current house; others will require no previous property either.

As for Stamp Duty rules, you are definitely not a FTB and neither will OH be if he has ever owned property.

northerner999

You will have to explain your commitments to your current property to any lender, surely ruling you out of any first-time buyer status.

pootleflump

My husband will be applying for the mortgage on his own and has never owned a property - I bought the current property completely in my name and I pay for the mortgage from my own account so he has no commitment to it.

betmunch

Your husband is a FTB.

The only thing that may stop him taking advantage of the consession to own a BTL on a resi mortgage would be the caveat that you must intend to live in it in the future.

Assuming the Bank knows about your property, how can you justify that your family will move into your house, and also into his house should he buy one?