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Quick and Easy Question - Joint Mortgage Holders and Transfer of Equity
sho_me_da_money
Posts: 1,679 Forumite
I am joint mortgage holder and going through a seperation.
If I transfer my equity to my joint partner so that they are now the 100% owner of the house, can I go back on the housing market as a first time buyer?
If I transfer my equity to my joint partner so that they are now the 100% owner of the house, can I go back on the housing market as a first time buyer?
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Comments
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With regard to SDLT relief, no, you are not a first time buyer.You are going to be looking on the market as a buyer without a chain below them, so in many ways equivalent to a first-time buyer.1
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No, you can never get that back. You might be able to be a FTB for mortgage purposes if you don't have a mortgage for 4-5 years, but that's itsho_me_da_money said:I am joint mortgage holder and going through a seperation.
If I transfer my equity to my joint partner so that they are now the 100% owner of the house, can I go back on the housing market as a first time buyer?1 -
There's no universal definition of "first time buyer" so it depends exactly what you're talking about - but generally speaking no, you're only a first time buyer once. Would make a mockery of the expression otherwise!3
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Most basic answer - no.
You've previously owned a property ONCE before which makes you no longer a first time buyer.
What makes you think you would revert back to become one again?1
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