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joint buyer single proprietor mortgage in scotland
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u114487
Posts: 8 Forumite
I want to help my son onto the property ladder. if I go down this route and enter into a guarantor type mortgage arrangement, will he still be considered a first time buyer?
asking as it will make a huge difference to the lbtt costs (stamp duty). eg purchase price of £175000 = £0 for ftb or £11100 as an “additional dwelling”. thanks
asking as it will make a huge difference to the lbtt costs (stamp duty). eg purchase price of £175000 = £0 for ftb or £11100 as an “additional dwelling”. thanks
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Yes he will. That’s the whole point of JBSP mortgages. You would be on the mortgage but not the deeds, so the deeds would only have the FTB on them and therefore he would count as a FTB.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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