First-time buyer definition

jt_tango

Hi

I need help to clarify if I class as a first time buyer. I bought a property with my now ex partner about a year ago. Most of the money came from her Mum. As such I signed a declaration of trust, but were joint owners of the property.

Now that we have split i have sold the equity in the house to her friend who now have thier own mortgage on the house.

Would this class me as a first time buyer, as the equity i received would not be enough alone for a deposit?

Marshall_Man

Sorry but as you have already purchased a house you are not a 'first time buyer'

Nobbie1967

The definition of first time buyer depends on who is asking. The definition will change depending on which mortgage provider you ask as some will give you that status if you haven't owned a property for X years. I suspect government schemes to help with deposits will be much stricter and may state that you must never have owned a property.

However, in your case, I can't see anyone classing you as a first time buyer given that you bought a house a year ago. You were a FTB then, but no more.

G_M

FTB as defined by who?

the government?
HMRC?
a help to buy provider?
a social housing provider?
a mortgage lender?
a different mortgage lender?

They'll all have their own definitons.

moneyistooshorttomention

This has got to be one of those questions akin to the one about goods in a shop window that dont have price tags on them - ie "If you have to ask the price - you can't afford it".

If you have to ask if you are an FTB - you arent.

So - yep....as GM says in effect - "Can you squeeze in and qualify under some criteria or other as an FTB - even though you arent?"

What benefit are you hoping to obtain if you can manage to wiggle into qualifying as one?

fed_up_and_stressed

moneyistooshorttomention wrote: »

This has got to be one of those questions akin to the one about goods in a shop window that dont have price tags on them - ie "If you have to ask the price - you can't afford it".

If you have to ask if you are an FTB - you arent.

So - yep....as GM says in effect - "Can you squeeze in and qualify under some criteria or other as an FTB - even though you arent?"

What benefit are you hoping to obtain if you can manage to wiggle into qualifying as one?

Is that like Courtney Staoddard's claim to be half a virgin before getting married at 16 that was in the press the other day ? :rotfl:

moneyistooshorttomention

:rotfl::rotfl::rotfl:....thats now got me wondering what she had/or hadnt done to qualify as a "half" one...:rotfl::rotfl:

always_sunny

G_M wrote: »

FTB as defined by who?

the government?
HMRC?
a help to buy provider?
a social housing provider?
a mortgage lender?
a different mortgage lender?

They'll all have their own definitons.

Sad isn't it!!!

booksurr

always_sunny wrote: »

Sad isn't it!!!

why, it's a free market economy and each entity is free to make its own rules and therefore have a proposition to put to the market which attracts differing customer bases

only in the context of tax and govt should there be a hard and fast enforcement, in which case first time should mean first time where taxpayer funds are at stake