what are advantages to being a first time buyer?

wallofbeans

davidmcn wrote: »

Not sure how you would get any. If you're buying as a couple then you're not first time buyers. If you buy your next house in your sole name then maybe, but if your spouse is with you then most mortgage lenders would expect you both to be on the title and mortgage.

If it would be helpful then I could buy in just my name, and it could be just be on the mortgage. What advantage do I get if that is the case?

I'm getting the feeling there aren't any...

G_M

I can see no advantage.

you are a married couple. You (as a joint unit) already own a property (which you'd need to sell in order to buy - I assume).

You'll not benefit
* in terms of SDLT
* mortgage rates
* appeal to sellers
* eligibility for 'incentives' (that I know of)

davidmcn

wallofbeans wrote: »

I'm getting the feeling there aren't any...

Well, yes, that's why nobody else does what you're proposing.

wallofbeans

G_M wrote: »

I can see no advantage.

you are a married couple. You (as a joint unit) already own a property (which you'd need to sell in order to buy - I assume).

You'll not benefit
* in terms of SDLT
* mortgage rates
* appeal to sellers
* eligibility for 'incentives' (that I know of)

The only thing I can think of is that I could get a help to buy ISA...

G_M

A quick google of the help to buy scheme reveals:

2. do not own, and never have owned any interest in land, whether in the United Kingdom or elsewhere,.......
(C) (i) which I acquired as a purchaser by way of sole or joint ownership; or
(ii) which entitles me to possess or occupy that land.

.

You may fall foul of C)ii) via your marriage to a home-owner?


https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

wallofbeans

G_M wrote: »

A quick google of the help to buy scheme reveals:

.

You may fall foul of C)ii) via your marriage to a home-owner?


https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

Hmm. Maybe. Although marriage to a home owner doesn't automatically entitle me to anything, does it?

G_M

wallofbeans wrote: »

Hmm. Maybe. Although marriage to a home owner doesn't automatically entitle me to anything, does it?

I think if you look at a few divorce settlements, you'll find spouses have rights to property.......

wallofbeans

G_M wrote: »

I think if you look at a few divorce settlements, you'll find spouses have rights to property.......

Yes, often they do. But I didn't think there were any absolute rules on it. I assume it's all very dependent on the specifics of the two people involved and any children etc.Is there anything that absolutely "entitles me to posses or occupy" our house?

wallofbeans

This is all very interesting! Thanks for the replies. I wonder if anyone can give me any further insight into the help to buy ISA question, or if there are any other reasons I should get added to the deeds...

Thank you all!

wallofbeans

G_M wrote: »

A quick google of the help to buy scheme reveals:

.

You may fall foul of C)ii) via your marriage to a home-owner?


https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

I've just had a look through the MSE guide for Help To Buy ISAs and it says this:

"It's an individual product, couples are treated separately.

Help to Buy ISAs are for individuals, it's not about who's buying the house, it's simply about whether you're a first-time buyer. To make it plain:

If you're a first-time buyer, buying with someone who's owned before, you CAN open one, they CAN'T."

So if couples are treated separately, doesn't that mean I can have one?