Am I a first time buyer?

emilylouisel

Hello!
I've recently been transferred join ownership of my family home from my dad. i'm in the middle of saving up to open my help to buy isa, but i've been informed i might not be eligible for the isa due to me owning a part of the house.
I cant find anything online, is this true?

Thanks!

boo_star

emilylouisel wrote: »

Hello!
I've recently been transferred join ownership of my family home from my dad. i'm in the middle of saving up to open my help to buy isa, but i've been informed i might not be eligible for the isa due to me owning a part of the house.
I cant find anything online, is this true?

Thanks!

If you own/have ever owned a property (which would include a share) anywhere in the world you're not eligible for the HTB ISA.

https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

8ofspades

You would no longer be classed as a first time buyer in many cases, including H2B, and also when it comes to stamp duty when you eventually buy a house.

davidmcn

And depending on the value of your interest in the family home, may have to pay the additional rate of SDLT etc on your purchase as it will be treated as a second property.