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1st Time Buyers Stamp Duty & Mortgages
AshLi
Posts: 1 Newbie
Hello
My husband and I have recently sold our 50% share of ownership and searching to buy elsewhere. My concern is the law exempting stamp duty for first time buyers, as it would need to be clarified if this refers to anyone that has not had a FULL ownership of a property. It seems like that this has been left as a grey area by the government as they have been promoting help to buy and shared ownership in the past years but leaves these part owners unable to move on easily. (short term is great but if you are doing it to get on the property ladder it's a bit of a nightmare, it's not cheap and it takes a long time) In our case, as mentioned we did not own part of it and were part renting so we had no whatsoever decisional power on any of it so I would say that we really did not own any property.
Anyway, all this is to ask your experience on what is the real deal for people as in our position please as I don't see it as black or white.
Also I have heard that some banks will and others will not consider you as first time buyers for a mortgage deal, so does anyone know of any banks offering such deals?
Looking forward to your comments.
Thanks in advance for your help.
My husband and I have recently sold our 50% share of ownership and searching to buy elsewhere. My concern is the law exempting stamp duty for first time buyers, as it would need to be clarified if this refers to anyone that has not had a FULL ownership of a property. It seems like that this has been left as a grey area by the government as they have been promoting help to buy and shared ownership in the past years but leaves these part owners unable to move on easily. (short term is great but if you are doing it to get on the property ladder it's a bit of a nightmare, it's not cheap and it takes a long time) In our case, as mentioned we did not own part of it and were part renting so we had no whatsoever decisional power on any of it so I would say that we really did not own any property.
Anyway, all this is to ask your experience on what is the real deal for people as in our position please as I don't see it as black or white.
Also I have heard that some banks will and others will not consider you as first time buyers for a mortgage deal, so does anyone know of any banks offering such deals?
Looking forward to your comments.
Thanks in advance for your help.
0
Comments
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There is no grey area, the question asks:Have you ever owned or part owned another property?
We only need to know about residential property, or property that has both residential and non-residential use. This includes freehold property, or leasehold property of at least 21 years. Select yes if you either:
bought a property
inherited a property
are a beneficiary of a trust that owns a propertyI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Help To Buy - Equity Loan is 100% ownership with a second charge to secure the Government's equity.
There is no part ownership, unlike Shared Ownership.
On FTB products, you may find the odd lender will treat you as a FTB if you've never owned nor had a mortgage in the last three years but I can't remember one which will give a FTB product when only one in a couple is the FTB.
There are plenty of decent products out there anyway. It's not like FTB products are massively superior these days.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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