Mortgage Q. - Buying in now vs First time buyer later

[MortgageMarvels]

(Regular poster here but with a name change.)

DP and I have lived together for over 10 years. He'd just bought the house when we first got together so the mortgage was in his name. The plan was always to put it in both our names but we've been a bit slack at dealing with this (yes, I know) but we are doing it now.

So, we had a phone interview with the mortgage company and have received the necessary docs to transfer the title. Once I'm on there, I can pay in a lump sum and reduce the mortgage. (It's a good time to do it as we're outside the fixed term and can pay off what we like without fees. We will just need to pay an admin fee for the change of title plus a solicitor's fee.)

This was all fine until a friend of mine pointed out that, as I'm a first time buyer, we might be able to get a better deal...?

DP and I are planning on putting the house on the market and moving up a notch soon (hopefully this year) so we will need to arrange a new mortgage for that.

So, should we...

1. Continue as we were (getting me on there asap and reducing the mortgage and, presumably, saving a few quid each month until we move)?

Or,

1. Hold off and hopefully, use my first time buyer status to get a good deal when we eventually move?

Or,

1. Something else??

(Just to add that we're engaged - no date - and DP has a will leaving everything to me.)

Many thanks for any advice.

I don’t think ‘first time buyer’ mortgages really get you a better rate. And if you’d be buying with DP then you wouldn’t qualify for them anyway as he’s not a FTB. You’d also not qualify for the stamp duty reduction as he’s already bought before.

Ahh, thanks HandbagFan. I don't know anything about it. My friend told me that her daughter was a ftb but her bf wasn't, as far as she knew. She might have got it wrong though.

If you're a first time buyer, and planning to buy in the future (not immediately) then you could consider leaving the house in your OH's name & opening a 'help to buy ISA' to help you with the next property you purchase together.

My wife & I are both FTB and we have one account each. Worth looking up, Martin Lewis has good info on his website, check it out ;)

Good luck

There are significant savings on stamp duty for FTBs. The catch for you is that the mortgage and deed would have to be in your name only.