I'm a first time buyer, my fiance isn't!!!

[debsy11]

Hi, maybe someone can help me. My fiance and i are planning to buy a house together. He owns a house but i am a first time buyer, is there any loophole which will allow me to be seen as a first time buyer, i hate to think of losing out on my first time buyers entitlements. my mortgage advisor mentioned a joint mortgage sole ownership, can someone please help me, i really don't want to hand over 16k, i'd be happy to pay half the stamp duty....

 

[bacchus]

no

 

[camel]

You could get a mortgage on your own. These days that's the only way. Are you the main earner?

 

[gribr]

In a similar situation. When i marry my fiancée do i lose my 1st time buyer status or could i still buy a house in my name with my own mortgage as a 1st time buyer?

 

[jergam]

This happened to me before xmas, I'm not a first time buyer and my BF is, the only option is to either put all the mortgage in the name of the first time buyer but this leaves you with less rights, his name would be on the deeds etc, and would also reduce the amount you can borrow obviously. You could get a legal document drawn up indicating that if things go wrong you get out what you put in etc.

Otherwise you pay stamp duty, which isn't as high since the new budget in december, and you both get your own tax credits, depending on how long ago you bought your first home etc

Hope that helps

 

[Afuera]

You could get a legal document drawn up indicating that if things go wrong you get out what you put in etc

Sounds quite questionable to be honest. If a non FTB has a benefit in a property then I think that automatically means that the property will not be excempt from stamp duty.

 

[Raskolnikov]

Please note, there is one instance where a person may regain the first time buyer status.

A divorced or separated person is considered a first-time buyer in the following circumstances:

• If they have left their former marital home and,
• Do not retain any interest in the marital home and,
• If immediately prior to the date of the judicial separation, deed of separation, decree of divorce or decree of nullity he/she is not entitled to an interest in a house other than the marital home
• At the date of the judicial separation, deed of separation, decree of divorce or decree of nullity, your separated or former spouse must be living in the house which was occupied by you both before your separation or divorce.

I don't suppose that is any good to any of you.

 

[jergam]

Sounds quite questionable to be honest. If a non FTB has a benefit in a property then I think that automatically means that the property will not be excempt from stamp duty.

you're probably right, but when I was looking into various options the solicitor told me that legal agreements between us can of course be made, I suppose it all depends on how badly things would have gone wrong!
I thought it was similar to the kind of legal agreement you might get if you were buying a property with a friend to protect yourself

 

[eamonn123456]

You can do all kinds of messing about, but bottom line is that if you are actually buying together, and you both are paying towards the purchase cost OR the mortgage, then you both own it and as such you collectively are not a FTB.

You can scam it but its tax evasion.

Sorry, I know its a pain but I have had similar issue with one of us having a property overseas before we ever got engaged. Back in Ireland, married, not FTBs.

In fact, married or not, engaged or not, we would not be FTBs if we bought together.

 

[ccgirl]

What about mortgage protection insurance etc... if something where to happen to either of you ??