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  • FIRST POST
    • Jennaturner
    • By Jennaturner 10th Jan 18, 11:02 PM
    • 3Posts
    • 0Thanks
    Jennaturner
    Am I A First Time Buyer???
    • #1
    • 10th Jan 18, 11:02 PM
    Am I A First Time Buyer??? 10th Jan 18 at 11:02 PM
    Myself and my husband are looking to buy our first house. We have been renting privately for 6 years and have saved for a deposit. However, last year my dad transferred one of his rental properties in to mine and my sisters names - so we now own it. So does this mean I no longer qualify for a first time buyers mortgage?

    There is no mortgage on the property that has been transferred into my name and there never has been a mortgage on it. My dad bought some land and built flats on it and has transgrrred one of these into our names. But I am now very unsure of where that leaves me with regards to a first time buyers mortgage. Just to clarify, my husband has not ever owned a property or had a mortgage.
Page 1
    • G_M
    • By G_M 10th Jan 18, 11:07 PM
    • 44,405 Posts
    • 52,709 Thanks
    G_M
    • #2
    • 10th Jan 18, 11:07 PM
    • #2
    • 10th Jan 18, 11:07 PM
    Relevant part is.....
    ....... transferred one of his rental properties in to mine and my sisters names - so we now own it. So does this mean I no longer qualify for a first time buyers mortgage?
    .
    Originally posted by Jennaturner
    Different lenders will have different criteria but i susect most will consider you a FTB.

    See an independant mortgage advisor.

    But for SDLT you are NOT a FTB.
    • melanzana
    • By melanzana 10th Jan 18, 11:12 PM
    • 2,540 Posts
    • 6,973 Thanks
    melanzana
    • #3
    • 10th Jan 18, 11:12 PM
    • #3
    • 10th Jan 18, 11:12 PM
    I wish the terminology was changed to First Time Owner.

    Would solve a lot of these issues.

    I do not understand why someone who now owns a property could avail of FTB. But anyway. It's all in the terminology of the legislation.
    • G_M
    • By G_M 10th Jan 18, 11:23 PM
    • 44,405 Posts
    • 52,709 Thanks
    G_M
    • #4
    • 10th Jan 18, 11:23 PM
    • #4
    • 10th Jan 18, 11:23 PM
    It's all in the terminology of the legislation.
    Originally posted by melanzana
    There IS no relevant leglislation with regards to mortgages.

    Though leglislation does define a FTB in detail with respect to SDLT.
    • melanzana
    • By melanzana 10th Jan 18, 11:26 PM
    • 2,540 Posts
    • 6,973 Thanks
    melanzana
    • #5
    • 10th Jan 18, 11:26 PM
    • #5
    • 10th Jan 18, 11:26 PM
    There IS no relevant leglislation with regards to mortgages.

    Though leglislation does define a FTB in detail with respect to SDLT.
    Originally posted by G_M
    You are right, I hold my hand up and am taking my well deserved medicine as we speak!

    I had SDLT in my head
    • Lolly88
    • By Lolly88 11th Jan 18, 1:26 AM
    • 311 Posts
    • 830 Thanks
    Lolly88
    • #6
    • 11th Jan 18, 1:26 AM
    • #6
    • 11th Jan 18, 1:26 AM
    It would be so good if this question could be made into a sticky thread or some kind of flow chart that could help people find the answer - feels like nearly everyday someone is asking this question.
    House Fund - 35078.21
    Currently buying a house
    • Tom99
    • By Tom99 11th Jan 18, 2:49 AM
    • 2,238 Posts
    • 1,520 Thanks
    Tom99
    • #7
    • 11th Jan 18, 2:49 AM
    • #7
    • 11th Jan 18, 2:49 AM
    As far as stamp duty is concerned you will also pay the additional 3% since you already own a property.
    • hazyjo
    • By hazyjo 11th Jan 18, 10:37 AM
    • 10,632 Posts
    • 13,893 Thanks
    hazyjo
    • #8
    • 11th Jan 18, 10:37 AM
    • #8
    • 11th Jan 18, 10:37 AM
    It would be so good if this question could be made into a sticky thread or some kind of flow chart that could help people find the answer - feels like nearly everyday someone is asking this question.
    Originally posted by Lolly88
    tbh it's clearly set out online anyway (and with a flow chart I believe), but people do often think they're the exception to the rule and will still ask. I suppose at least they'd all be on the same thread!
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • G_M
    • By G_M 11th Jan 18, 10:45 AM
    • 44,405 Posts
    • 52,709 Thanks
    G_M
    • #9
    • 11th Jan 18, 10:45 AM
    • #9
    • 11th Jan 18, 10:45 AM
    You are right, I hold my hand up and am taking my well deserved medicine as we speak!
    Originally posted by melanzana
    Oh if only it had been the hand that got punished when I was a kid.....
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