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Original poster

Would I be a FTB?

8 replies

fgtoy · 02/07/2023 12:50

1st house i've ever owned was bought with cash from inheritance. No mortgage.

2nd home live with Dp, gifted deposit, only he is on mortgage as my half is paid for (yes this means only he owns house, I've protected my share)

My query is...

If i were to buy a house with a mortgage, would i be classed as FTB ? As its my first mortgage

OP posts:

PetitPorpoise · 02/07/2023 12:56

I would say no, but I'm not an expert. Are you asking because you are hoping to access some kind of FTB incentive?

mrsbyers · 02/07/2023 12:57

No , it’s nothing to do with having a mortgage it’s about ownership

mrsbyers · 02/07/2023 12:59

Instances where you’ll commonly not be accepted as a first-time buyerIf you’ve previously owned a property and sold it. To qualify, you need to have never owned a property.
If you inherited a property or were added to the deeds. First-time buyer status is based on ownership of residential property, not whether you bought it.

TheSeaDoesntKnowMyName · 02/07/2023 13:00

1st house i've ever owned was bought with cash from inheritance

So.... you wouldn't be a first time buyer..

But also even if you inherit a property, HMRC have confirmed in their guidance that “if the inheritance resulted in you acquiring a freehold or leasehold interest then you cannot claim first-time buyers’ relief”.

It is irrelevant that you would be using the sale proceeds to purchase your first home. Although you have technically never bought a home, when you inherit a property, you become a homeowner and therefore no longer qualify as a first-time buyer for SDLT relief purposes.

Bromptotoo · 02/07/2023 13:07

As others say, I think not so far as FTB incentives via (eg) SLDT or other government assistance is concerned.

However, if you've got a good tale to tell with and no downward chain as a seller and not looking for high LTV then you may find lenders are keen to scoop you up.

mightymam · 02/07/2023 13:11

We had this when we bought our first flat. We thought we were first time buyers but STBXH had previously been on his parents mortgage (long story). However, because he'd been taken off 5 years prior to us taking out a new mortgage, the bank (NatWest) considered him a first time buyer again. So, yes it can be done but depends on the lender. Seek help via a mortgage broker.

drpet49 · 02/07/2023 13:24

No, you have already owned a house.

Original poster

fgtoy · 02/07/2023 16:15

Thank you, i thought so but google was conflicting

OP posts:

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