First Timer Buyer Rule Clarification

thundyuk

Hi all,

Always appreciate your input

If I own a home but it was deed of gifted (at a lot of cost to me) does this count as me buying my first home? Am I no longer a first time buyer?

So, I'm trying to help my sister out buying her own place which she cannot afford at all but I didn't actually buy a home myself, are both still first time buyers? Or because I gave my folks more than 150k for a share in the house I live, am I now considered a second home buyer?

Thanks again

cymruchris

If a property has had your name on the land registry deeds - no matter how you got it - you're no longer a first time buyer. You have owned or do own existing property - so to my knowledge that rules you out. 

silvercar

Look into ‘one owner, 2 borrower’ mortgages. You could go on the mortgage with only your sister being on the deeds. She would be the sole owner and so have FTB status as fas as stamp duty is concerned.

thundyuk

silvercar said:

Look into ‘one owner, 2 borrower’ mortgages. You could go on the mortgage with only your sister being on the deeds. She would be the sole owner and so have FTB status as fas as stamp duty is concerned.

Thanks, that's interesting. I'll take a look. Off the top of your head, if you do this then transfer half later to the person who's not on the deeds I take it you then get stung for stamp duty? I'd expect so ofc