M
mcbert
Guest
Hi,
myself and partner (not yet married) are planning on buying, going to talk to banks very soon. So I'm trying to work out costs, relief etc.
Thing is, technically I don't believe I'm a first time buyer, due to a family arrangement done years ago. She is a first time buyer.
I've read here that regarding stamp duty, if one is not a first time buyer, then both are regarded as a non-first time buyers. So be it.
(So yes, assuming we get the mortgage drawn down before the end of the year...)
I've also read here that it is different for Mortgage Interest Relief, that the interest relief is applied separately to both partners. Can someone confirm this?
How exactly would this work? We divide the amount to be paid into two halves (only legally - still 1 payment each month I assume), she would have her 10k ceiling and 25%->20% relief applying to her half of the mortgage, and I would have my 3k ceiling and 15% applying to my half of the mortgage???
It just seems a little odd to me that the mortgage payments could be divided like this, with mortgage ceilings and relief adding up. Does that mean that, for example, a family of 5 siblings, where all agree to live together, use property as family home, all first time buyers, could divide up a mortgage into 5 parts, each getting their own 10k ceiling, for an effective ceiling of 50k???
Any thought on this appreciated!?!
Thanks.
myself and partner (not yet married) are planning on buying, going to talk to banks very soon. So I'm trying to work out costs, relief etc.
Thing is, technically I don't believe I'm a first time buyer, due to a family arrangement done years ago. She is a first time buyer.
I've read here that regarding stamp duty, if one is not a first time buyer, then both are regarded as a non-first time buyers. So be it.
(So yes, assuming we get the mortgage drawn down before the end of the year...)
I've also read here that it is different for Mortgage Interest Relief, that the interest relief is applied separately to both partners. Can someone confirm this?
How exactly would this work? We divide the amount to be paid into two halves (only legally - still 1 payment each month I assume), she would have her 10k ceiling and 25%->20% relief applying to her half of the mortgage, and I would have my 3k ceiling and 15% applying to my half of the mortgage???
It just seems a little odd to me that the mortgage payments could be divided like this, with mortgage ceilings and relief adding up. Does that mean that, for example, a family of 5 siblings, where all agree to live together, use property as family home, all first time buyers, could divide up a mortgage into 5 parts, each getting their own 10k ceiling, for an effective ceiling of 50k???
Any thought on this appreciated!?!
Thanks.