Is my wife a first time buyer???

GaryDLogue

Hi, when my wife and I bought our first house I took out the mortgage as a first time buyer. We left my wife out so we could use her as a first time buyer.

We are now looking to move but the house prices are high in the area so we need to go joint to secure the mortgage amount we require.

If we go joint can we still benefit from first time buyer rates as this will be my wife’s first property?

Also could we save some of our deposit in a first time buyer ISA and benefit from the government bonus?

Many thanks in advance, Gary

silvermountains

The rules on this were changed a couple of years ago.  As you are married, your wife will not be classed as a FTB. This will also have stamp duty implications.

However, she will be able to get a FTB ISA and use the government bonus (which doesn't make sense, but there we go!).

C_N_

silvermountains said:

The rules on this were changed a couple of years ago.  As you are married, your wife will not be classed as a FTB. This will also have stamp duty implications.

However, she will be able to get a FTB ISA and use the government bonus (which doesn't make sense, but there we go!).

With regards to the FTB ISA, just to add that you have to have it open for a year at least before you can use it to buy a property, otherwise the withdrawal charges will apply.

From the original post it sounds like you were keen to move sooner rather than later so it might not be suitable for you