First time buyer possible loopholes?

enthusiasticsaver

How is he going to afford two mortgages? He can't be a first time buyer on both and extremely unlikely to complete on the same day. What he is considering sounds like fraud to me in failing to disclose the second purchase.

foxy-stoat

M47 wrote: »

This thread is aimed at professionals with expertise.

So my little brother (who is a first time buyer) has applied for a mortgage (first time buyer 95%).

His broker came bank will several offers from lenders.

His job requires him to be in Birmingham for part of the week and london for other times. He has been contemplating purchasing 2 properties for this reason (1 in Birmingham and 1 in london).

Now at the moment he is technically a first time buyer and has been offered both offers on this basis(him being a first time buyer).

He has not explained his new plans to purchase 2 properties to the lenders, as this is a new thought (as he originally only intended on just purchasing one home)

I know this question is a little bit cheeky but if he accepted both offers and completed on both properties on the exact same day would he be doing anything wrong? As he would have technically been a first time buyer but he just would have purchased 2 properties at the same time.

And would he still be liable for the first time buyer stamp duty discount on both properties if he completed on both properties at the same time?

Very cheeky I know, but could that be a loop hole for his scenario?

Yeah this is never going to fly.......its not a loophole...

Now we eagerly await the next "friend" who needs property advice from you to post up on here.