Am I a first time buyer ???

sarah12354

Hi

I own a house with my brother ( 50/ 50 ) each. We both pay half of the mortgage. He currently lives in it, and I rent / live in another property. I wish to buy a house with my husband for my family and I to live in, instead of renting. What type of mortgage do I need? Am I a first time buyer or not since I already have a mortgage? I'm not remortgaging as it is for a different house?

I am a little confused and would appreciate some help

Thanks !!!

holly_hobby

No you are not a first time buyer.

With regards to purchasing a 2nd property as your main residence - this is entirely possible but the lender will require your income to be sufficient to service both mortgages (as although you do not reside in the property your brother live's in, as you are a joint mortgagor with him, you are both jointly and severally (singularly) liable for the whole mge.

You also need to be aware, that when/if that property is sold, you shall be liable to CGT (net of reliefs) upon your share of any gain on disposal.

Go and spend an hour with a whole of market mge broker whom shall be able to provide you with suitable lenders (if income is sufficient), and available deals.

Hope this helps

Holly