First time buyer buying with second time buyer.

[colin_hanley]

Hi, I am buying a house with my partner. I am a first time buyer and she is a second time buyer. I am just wondering if it is possbile to get 100% mortgages in this case - or do all parties have to be a first time buyer ?

Also does anyone know how this will affect our stamp duty payment (if buying second hand etc.) - Will we have to pay full amount or just half of the stamp duty (if house is below minimum stamp duty) ?
Thanks,
Colin

 

[Vanilla]

In relation to stampduty, where a first time buyer buys with a second time buyer, the first time buyer loses their exemption. However in your case you are actually buying as a first time buyer, but I see from your other post that your partner is already the owner of the property ( at least half of it). In those circumstances, what is happening is actually a transfer of half of the property to you, and therefore no secondtime buyer is involved in the transfer as such. There fore you may well qualify for first time buyer relief on the half in transfer.

I don't know the answer in relation to 100% mortgages.

 

[elcato]

Once one of you is not a first time buyer then all parties are treated as non first time buyers. I guess the first question will depend on the bank in question. As regrads the stamp duty you will have to pay the full non first time buyer amount.