We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

First time buyer Status?

chigz1
chigz1 Posts: 12 Forumite
in House buying, renting & selling
Hi All,

I have tried doing some research on this but struggling to find a definite answer.

I am a part shareholder of a limited company that owns a property however I myself have not owned my own home.

Does that still classify me as a first time buyer?

Thanks?

Comments

  • Surrey_EA
    Surrey_EA Posts: 2,048 Forumite
    Tenth Anniversary 1,000 Posts
    I'm not sure there is a definite answer, which everyone agrees upon.

    For whom is the classification required?
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Different bodies will define this differently for their purposes.

    So OP needs to check with the body - mortgage lender or whoever - for whom the term "First Time Buyer" has significance. There is no standard definition that has any legal significance.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • chigz1
    chigz1 Posts: 12 Forumite
    I have a Help to buy ISA, which I plan to transfer to a LISA but I just wanted to know if I am likely to have issues further down the line.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.8K Banking & Borrowing
  • 253.8K Reduce Debt & Boost Income
  • 454.6K Spending & Discounts
  • 245.8K Work, Benefits & Business
  • 601.9K Mortgages, Homes & Bills
  • 177.7K Life & Family
  • 259.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture