Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask if I am considered a first time buyer?

28 replies

2022IamHavingYa · 19/01/2022 09:28

Posting for traffic as the money board looks pretty quiet.

I am in the position to be able to start saving for a home for myself and my son. We currently rent.

I am a first year student and have been able to pay off some debts with scholarship and grant payments and in the coming months, i'll be able to start saving. I won't be looking to buy for around 4 or 5 years so plenty of time to save.

I was on the joint mortgage of a property with my ex husband from 2011 and whilst I moved out and he took over the mortgage in 2016, I remained on it until it was sold in 2018.

I have been looking into the best ways to save for a deposit but most say I don't qualify as a first time buyer.

So wise people of mumsnet, any suggestions of the best ways to save a house deposit? I am looking to save about £10k over the next 3 years.

Thanks in advance.

OP posts:
Lockdownbear · 19/01/2022 09:31

Look at the Lifetime ISAs, I think you would be considered a first time buyer as you don't currently have a property to sell. You are chain free.

stitchmaker85 · 19/01/2022 09:34

I bought a house 4 years ago and wasn't considered a first fine buyer, despite the fact I'd sold my previous house with my ex 2 years before that. It was stated by the solicitor that as I had owned a property previously, I was not classed a first time buyer.
I was annoyed as we had to pay stamp duty because of it (new DH has never owned before so didn't affect it)

tinydancer88 · 19/01/2022 09:34

I think when I was looking at setting up a lifetime ISA you wouldn't be a first time buyer as your name has been on a mortgage before.

Foolsrule · 19/01/2022 09:36

You’re not a first time buyer. Everyone who’d ever sold could try and claim that!

GertrudePerkinsPaperyThing · 19/01/2022 09:37

I don’t think you’re a first time buyer either

I bought for the first time on my own in 2018, having previously owned with exh, and I wasn’t a first time buyer as I’d had a property before

TravellingSpoon · 19/01/2022 09:40

You are only considered a first time buyer if you have never bought a property before, which unfortunately you have.

abigailsnan · 19/01/2022 09:43

You won't be classed as a first time buyer with having your name on a previous mortgage unfortunately but you may still get a good deal when the time comes for you to buy as you will have nothing to sell and could proceed straight away enabling you to put in a lower offer and if people are desperate to sell you may make a good saving. Good luck to you x

PurplePinecone · 19/01/2022 09:45

Unfortunately you're not a first time buyer. Same story for myself. Sold house with ex hb many years before being able to buy again. But as I had owned before I didn't class as first time buyer.

purpleme12 · 19/01/2022 09:46

Why do people think they're a first time buyer if they've bought a property before? So they're literally not a first time buyer

lastqueenofscotland · 19/01/2022 09:48

You’ve owned a home there for are not a first time buyer! Even if you didn’t “buy” the house you have owned before

Crazycatlady83 · 19/01/2022 09:49

To be considered a first time buyer you must not have been registered as proprietor on a property at the land registry. The mortgage doesn't dictate ownership (just liability for a debt) So if you were registered as owner on the property at the land registry, you will not be a first time buyer

Forrandomposts · 19/01/2022 09:50

OP were you on the deeds of that other house? Did you get your equity when it sold?

araiwa · 19/01/2022 09:51

Am I virgin if I've had sex before?

TravellingSpoon · 19/01/2022 09:52

If you have sex and then stay abstinent for 10 years, you are still not a virgin.

purpleme12 · 19/01/2022 09:52

🤣

TravellingSpoon · 19/01/2022 09:53

Crossed posts araiwa

TheDaydreamBelievers · 19/01/2022 10:08

You won't be considered a first time buyer unfortunately as you have been on a mortgage in the past.

toddybell · 19/01/2022 10:09

It depends on the bank that's lending to you and their criteria. My husband owned and then sold a property prior to us getting married. When we bought our current house, we were considered FTBs since he'd sold his previous property more than 5 years ago.

Tibtab · 19/01/2022 10:11

In terms of saving £10k over 3 years, break it down to months. Each month you would need to save about £250-300, is that possible?

Original poster
2022IamHavingYa · 19/01/2022 10:17

As I suspected.

Can’t you get an operation these days to make you a virgin again? Can I get my house buying hymen reinstated somewhere? 😂

Can anyone answer my question with regards to the best way to save? I’ve looked into the LISA but that doesn’t apply to me for a house deposit. Is there anything out there to help little old me buy a house in a few years time or am I just best saving and saving and seeing what is around in 5 years?

Thanks everyone

OP posts:
JugglingJanuary · 19/01/2022 10:18

No you're not a first time buyer, you've bought a house before. The system is a bit crap though.

Porfre · 19/01/2022 10:18

No you are not a first time buyer

Glittertwins · 19/01/2022 10:24

Definitely not a first time buyer, you just don't have anything to sell in order to move.
A point on the LISA which was highlighted in the Sunday Times recently is that the restriction on the use of them for buying a house is on the full price of the house, not a shared ownership / deposit.
So if you wanted to buy a house for over £450k with a sizeable deposit so the mortgage would be far less than that, you'd still lose the benefit of the LISA

Viviennemary · 19/01/2022 10:27

No I don't think you are a first time buyer as you owned a house before.

TravellingSpoon · 19/01/2022 10:29

Have a look on MSE or MoneySpermarket for the best savings rates. There isnt much out there at the moment, so its slim pickings, but if you save and save for 5 years you may get a small amount of interest, you just wont be able to benefit from the same rewards as the LISA. You may get slightly more if you could lock some away in a fixed savings account.

Have a look at the FIRE (Financial Independence, retire early) UK groups on Facebook as they may have some more ideas, they will probably recommend a S&S ISA, with Vanguard or Hargreaves Lansdown, but that would depend on your attitutde to risk.

Swipe left for the next trending thread