becoming a first time buyer again ?

peterth125

If I sell my house and go into rental a property would I then become a first time buyer if I wanted to buy another house after a year or two ?

opinions4u

No. You'd be a second time buyer.

But for clarity, what are you hoping to benefit from?

holly_hobby

For any SDLT purposes (ie FTB incentives), you will not be classed as a first time buyer as you will have previously held interest in a property.

From a mortgage lenders point of view (ie FTB special deals and incentives), technically no you're obviously not a FTB, BUT there are lenders whom will class you as such if you haven't held a mortgage in the previous 6 or 12 mths, so it would be a suck it and see exercise at the time.

Hope this helps

Holly

peterth125

Thank you for your reply. My son 's house has been on the market for 5 years and he is thinking of reducing it right down just to get rid and go into rented in the area he needs to be in for work.
He was hoping that first time buyers get better deals/new government help to buy scheme but wasn't sure so I said I would ask on here for him.

kingstreet

Help To Buy is available to all homebuyers, as long as they will not own any other property after completion.

FTB deals normally mean a slightly lower arrangement/product fee, but that may mean a higher rate in return.

Not a lot in it, TBH.