Second Mortgage

GSTAR

Hi All,

I am currently a joint owner with my mum in the property that I live in. There is around £5000 left to pay on the mortgage for this property.

I am now looking to purchase a property with my wife. This property will be my main/only residence, but I also want to keep ownership of the existing property.

Does this mean I cannot apply for "first time buyer" mortgage products for the new property?

I have done an affordability check and the amount I am looking to borrow will be affordable based on our income and outgoings.

Thrugelmir

GSTAR wrote: »

but I also want to keep ownership of the existing property.

Does this mean I cannot apply for "first time buyer" mortgage products for the new property?

Seems an obvious answer to your question.

Contemptuous

My husband just provided this analogy:

If you lose your virginity, then meet a new sexual partner, does this make you a virgin again?

Has your wife owned property before? Will she be a joint party to the new mortgage? If she's a first time buyer, you may be given access to FTB products even though you yourself aren't.

amnblog

It depends what you mean by 'first time buyer' products?


If that is literally what you mean then you are clearly not a 'first time buyer'.


If however, you are referring to the Help to Buy Equity Loan and Mortgage Guarantee schemes, you do not have to be a 'first time buyer' - you just need to hold only one property.


To access one of these schemes you would need to relinquish your share in the other property.