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need help, clouple buying another house
cece_3
Posts: 68 Forumite
Hello everyone,
My husband and I will like to move into a better home and let out the one we are staying in currently. Is it worth converting the present house into only one of our names, thereby freeing up the other party as a 1st time buyer, or should we just bite the bullet and buy under 2 names again. We are thinking of moving any existing debts we have under one persons name so the other person when applying for the 1st time buyer mortgage gets an adequate loan. Desperately need to move, schools around where we are now are s$%t and it's just occured to us.
Are the savings vs pitfalls worth it?
My husband and I will like to move into a better home and let out the one we are staying in currently. Is it worth converting the present house into only one of our names, thereby freeing up the other party as a 1st time buyer, or should we just bite the bullet and buy under 2 names again. We are thinking of moving any existing debts we have under one persons name so the other person when applying for the 1st time buyer mortgage gets an adequate loan. Desperately need to move, schools around where we are now are s$%t and it's just occured to us.
Are the savings vs pitfalls worth it?
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Comments
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Firstly you won't be able to get a first time buyer mortgage because you're not a first time buyer! It's not worth the risk of getting found out - remember it will be on your credit history.
As for which configuration to use, it's probably a good idea to find an IFA - there's so many configurations and mortgage products etc about, you need some professional advice
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...Also if you keep it in both names and rent out, when you eventually come to sell you will both get CGT relief.0
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One thing to think about also is any potential CGT (Capital Gains Tax) liability should you sell house1 in the future. If it's in both names you will be able to share the liability & save what could be a substantial amount of tax.
As `already stated I would speak to a whole of Market adviser & possibly a solicitor about how best to go about your plans.Thanks to all who post comps :A :T0 -
OOps, Hearts must type quicker than me...Thanks to all who post comps :A :T0
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