can a husband and wife can get separate first time buyer mortgages?

jagcv4

Hi

Can a husband and wife get individual first time buyer mortgages and own individual properties?

Thanks

G_M

jagcv4 wrote: »

Hi

Can a husband and wife get individual first time buyer mortgages

from where?

The definition of FTB depends on who you apply to.

Many mortgage lenders (not all) define it as someone who does not currently own a property.

Some as someone who does not currently have a mortage.

The government (eg for HTB schemes) tends to define it as someone who has never owned a property (jointly or individually)

Wyndham

I think it would depend on whether either of you had owned property before?

But I'm not sure, and if you are financially linked then it may be harder?

Cheeky_Monkey

Do the husband and wife intend on living separately - one in each house?

If not, would they live in one and rent out the other?

Is this a 'cunning plan' to avoid the extra 3% stamp duty on second homes?

Cheeky_Monkey

I have now seen your other thread about the same thing so the questions I have asked above are pointless.

I don't know why you thought it necessary to have two threads running at the same time

theartfullodger

Are you attempting to fiddle your tax?? I'm not, for a moment, suggesting there is anything rong with tax fiddling - oh no - merely just askin', innitt.....

jagcv4

There is no intention to save tax or anything. My partner secured a job in the south and I have a job in north and have no intention of moving down south. We both don't own any homes and have separate accounts. My partner plans to buy her first home down south to avoid paying high rents. I am planning to buy my home here with my own deposit. Happy to cover any tax issues if there are any but want to confirm whether are we both allowed to have homes as first time buyers. Thanks

Kynthia

It's up to the mortgage lenders, if they're tge ones you are hoping will consider you ftb. For CGT and stamp duty purposes as you are married I believe you jointly can only have one of the properties as your main residence. The other will be considered a second home and taxed accordingly.

jagcv4

Thanks all for your messages. Very helpful!!

Hoploz

I have not seen another post, but it seems to me that this scenario of two FTB homes would be unlikely. A married couple are financially linked, and would be assumed to have one main residence and the other technically a 'second home.' The amount of time spent in each property by each person would not be taken into account.

What is the benefit of being a FTB anyway? I assume since you are asking the question it gives you some sort of financial benefit. Therefore people challenging you regarding tax issues is not unfair.

Pixie5740

Just because people are married it doesn't mean they are financially linked. People only become financially linked hen they have joint financial products such as current accounts, mortgages and loans.

I don't suppose it's impossible for a married couple to each have their own mortgage but at least one of the lenders will find it odd and possibly question it since from HMRC's point of view a married couple can only have one main residence.