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Do I have to use my Help to Buy ISA if my partner is the one buying?
mmochi
Posts: 1 Newbie
My partner recently moved in with me at my university rented house. We need to start looking for flats & they have enough money to buy one (they are also a first time buyer). If I am not the one buying & don't have my name on the mortgage or deeds, will I stay be classified as a first time buyer when we decide to move again later in life?
To explain what I'm trying to understand further; I haven't got much saved in my Help to Buy ISA & won't have much by the time of completion when buying a flat. So, if I'm not the one buying, have my name on the mortgage or deeds etc then I would still be classed as a first time buyer, right? Meaning, we can use the Help to Buy ISA later when we move out when I will also have my name on the mortgages, deeds etc.
Is this legal & can I do this?
If so, can anyone point me in the right direction of how I go about moving in with my partner legally. Is there anything we have to do or not?
Thank you for any help and advice
To explain what I'm trying to understand further; I haven't got much saved in my Help to Buy ISA & won't have much by the time of completion when buying a flat. So, if I'm not the one buying, have my name on the mortgage or deeds etc then I would still be classed as a first time buyer, right? Meaning, we can use the Help to Buy ISA later when we move out when I will also have my name on the mortgages, deeds etc.
Is this legal & can I do this?
If so, can anyone point me in the right direction of how I go about moving in with my partner legally. Is there anything we have to do or not?
Thank you for any help and advice
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Comments
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Technically you wouldn't lose the FTB status. However if the next place you buy is with your partner she will not be classed as FTB so you wouldn't get the benefits anyway.0
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This is only partially correct.Irishpearce26 said:Technically you wouldn't lose the FTB status. However if the next place you buy is with your partner she will not be classed as FTB so you wouldn't get the benefits anyway.
As your name won't be on the deeds and you won't have contributed to this property purchase you will still be a FTB as you won't have owned property before - in fact as you're not involved in the purchase you couldn't use it even if you wanted to.
If you then go on to buy a property jointly with your partner, you will still be a FTB but they won't. You will be able to make use of your H2B ISA on your share and get all the benefits for doing so.
https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/help-to-buy/help-to-buy-isas-explained-aj3089u27r95#headline_4
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