Am I a first time buyer?

Dirtypunk76

Back in 2008 my girlfriends parents sold the flat we rented for them, and they invested in 50% of a house, with my girlfriend and I getting a mortgage for the remaining 50%.

Guess what? We split up a year later. Being 2008, it was the first year that house prices went down instead of up, and basically, I just took my name off the mortgage and walked away with nothing.

So fast forward to now - I managed to open a LISA just months before I turned 40 the other year. But now I'm realising that I might not be counted as a first time buyer. I know that may sound silly, but a few years ago an accountant friend of mine told me I'd count as a first time buyer if it had been x amount of years since I was involved with any kind of mortgage (which I didn't completely believe).

So - can anyone advise? For the LISA, am I not counted as a FTB? How would they know?

MovingForwards

You're not a FTB for LISA purposes. The Land Registry is a government department and they speak to others. You'll also have, or your solicitor would have, completed a transaction form for HMRC at the time.

As for obtaining a mortgage, you would be classed as a FTB due to the time when you last had a mortgage.

Dirtypunk76

Ah, I see where the confusion is. Thank you very much for explaining!

Edi81

For stamp duty purposes you are not a first time buyer. 

It’s no wonder people get confused. 

JMA74

You are not a first time buyer for any government scheme. So you will pay normal rates of stamp duty and you would not be eligible for the LISA bonus

You may be a first time buyer with certain lenders depending on how they classify this on criteria.   There is next to no benefit in being classed as a first time buyer with a lender these days.   

Dirtypunk76

Well......turns out that was the most expensive break up I ever had.