Define a First Time Buyer

Optimisticred

Now I know this sounds like a stupid question however, what do you define a First Time Buyer as?

The reason I ask is that I currently have a mortgage on a house (my first home). I am in the process of selling this house as we (me and my fianc!) are moving away from the area due to work and we have decided to rent for 3 years while we save for a small wedding, pay off other debts and save for a bigger deposit.

When we come to apply for a joint mortgage in 3 years time my fianc! will be a FTB however what will I be classed as because I’ve previously bought a house but haven’t owned a house for over 3 years?

Thanks,

mustang1

Together you wouldn't be classed as a first time buyer as you have already bought something before. You would both need to have never bought before to be considered a first time buyer.

Dan_Simms_84

Hi Optimisticred

This is a complete nightmare to actually find out, but mustang1's right im afraid. Check this out for a dummy-friendly quick definition of a first time buyer...

firsttimebuyerguru.com/categories/what-is-a-first-time-buyer

p.s. Im not calling you a dummy!

Dan

trooperdog

[FONT=arial, helvetica, sans-serif]So who are first time buyers?[/FONT]

[FONT=arial, helvetica, sans-serif]The HM Revenue & Customs (HMRC) has a lengthy and overly complicated definition, but the main descriptions of a first time buyer include…[/FONT]



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• Someone who has never, and does not currently, legally own any property anywhere in the world (if you’re buying with someone else this applies to both of you).

• Someone who is buying their primary and ONLY home. Nobody with a second home or purchasing with the intention of investing in a buy-to-let property qualifies as a first time buyer.

• Someone with no property assets – including any property gifted or inherited from another party, either currently or in the past.

• Someone with no property assigned to them through companies, partnerships or trustees (this includes parents willing to purchase a property on behalf of the first time buyer).

[FONT=arial, helvetica, sans-serif]im intruigued if you propery is mortgaged do you own it or the bank?? I thought the bank owned it untill the mortgage was paid?? [/FONT]
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Senior_Paper_Monitor

The undefined term 'first time buyer' is used by various lenders, advisers, government departments et al.

In current HMRC terms (specifically reference exemptions made on Stamp Duty [SDLT]) it is exactly what it says - never owned a property, anywhere, any time.

Lenders varies from 'not at point of application', through 'not recently' (recently = 30, 60, 90 ? days), ongoing to not in last 12 months, three years up to the HMRC version.

AND ... each of those definitions will probably have changed in 3 years time !!

Optimisticred

Dan_Simms_84 wrote: »

Hi Optimisticred

This is a complete nightmare to actually find out, but mustang1's right im afraid. Check this out for a dummy-friendly quick definition of a first time buyer...

firsttimebuyerguru.com/categories/what-is-a-first-time-buyer

p.s. Im not calling you a dummy!

Dan

Cheers, dont worry i've been called a lot worse!