Are we 1st time buyers?

Hello

15 years ago I had a part rent-part buy house. I sold it in 2008 and have been renting since then.
I have subsequently met and married my wife, and we have been saving hard to get back onto the property ladder.

I had been considering a lifetime ISA to help get the money funds up, but I fear that since I had a half property ownership that this would mean that in fact I am not a 1st time buyer meaning the 25% government boost would be void.

My wife has never owned a house either part or otherwise and so if we bought together would we be considered 1st time buyers?

Could we perhaps set up a lifetime ISA in her name and qualify for the funding boost that way?

I find it a real struggle to both rent and save for a mortgage deposit again and the government boost would really help!

Many Thanks
:)

Comments

  • Your wife is a 1st time buyer (as long as she's under 40) so can apply but unfortunately you are not.
  • kingstreet
    kingstreet Posts: 38,691
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    However, some lenders would allow you a FTB mortgage product.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Harvic
    Harvic Posts: 36
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    Yeah sadly you won't be classed as a FTB. You can always max out your wife's allowance (if you were both FTB you would both get an allowance)- and LISA will allow you to make greater contributions (up to £4k/year) compared to HTB ISA. I believe you have to hold LISA for at least a year to get the bonus however if you were planing on making an offer sooner?
  • Thank you.

    So if I understand correctly, we could open a LISA in my wife's name. Pool our money here for (at least 12 months) get a 25% gain and she could use this as a deposit on a house we buy together?

    Since she is a FTB that is okay even though she and I are buying as a couple?
  • Harvic
    Harvic Posts: 36
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    That's correct, the LISA limit is individual not joint.

    See excellent guide on MSE website:
    moneysavingexpert.com/savings/lifetime-isas/#buyingaproperty

    Worth reading in detail, particularly so that you can check your individual situation.
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