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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.