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First Time Buyer - again
Essexbetty
Posts: 1
Newbie
My son split with his partner and after selling their house returned back to mum and dad. He has been back for 2 years and is currently looking for a property this time on one salary. What kind of salary and deposit does he need to buy £300,000 property and can he be a first time buyer again. I'm sure the answer to the second part is no unfortunately.
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Comments
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Salary £60k a year
Deposit £30k + (10% + )
No, he can't be a FTB again, that been popped already.
As he no longer owns a property it's just the normal amount of stamp duty.
Generally 4.5x income, depending on credit history and outgoings eg debt.Mortgage started 2020, aiming to clear 31/12/2029.1 -
Whole point of a first time buyer is you have never brought property. If he has brought property then obviously he cant be a first time buyer again. I think that's pretty straight forward?Essexbetty said:My son split with his partner and after selling their house returned back to mum and dad. He has been back for 2 years and is currently looking for a property this time on one salary. What kind of salary and deposit does he need to buy £300,000 property and can he be a first time buyer again. I'm sure the answer to the second part is no unfortunately.1 -
For mortgage deals he may be classed as a FTB. But certainly not as far as tax or schemes are concerned.2024 wins: *must start comping again!*0
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to make that comment you need to be specific as to the context:
- for mortgage purposes there are lenders who will certainly offer FTB rates if you no longer own a property having sold one (or more) in the past
- for tax purposes (SDTL. HTB etc), no definitely not a FTB2 -
It's akin to virginity. Going home to mum and dad does not bring it back....!
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Are you sure?? Drat!greatcrested said:It's akin to virginity. Going home to mum and dad does not bring it back....!
It's not difficult!
'Wander' - to walk or move in a leisurely manner.
'Wonder' - to feel curious.0
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