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Discussion in 'Money Matters' started by hazlen, Mar 27, 2018.
Do you mean Rambo?
The term “ First Time Buyer” has evolved from the stamp duty perspective. I bought my house in early 2017 before the latest changes. But the term also applies to other areas where strictness is not quite so key such as with mortgage lenders and builders incentives.
Our house is new and so there were a number of incentives that we took advantage of which were strictly between us and the builder. One of those was in fact stamp duty where the builder paid it under the watchful eye of our solicitor. The builder also included a number of other incentives to come to a final deal on the overall package.
Again with the mortgage lender although not in our case, they offer packages for first time buyers. Take a look at Nationwide for example.
So First Time Buyer as a term means different things to different groups and interests.
When I bought our house last year I spent a lot of time talking to people i.e. solicitors, estate agents, mortgage lenders, builders etc all with expertise in the very field you are enquiringly about. As you can tell it can be a sensitive topic so it is wise to consult with those specialists on such matters as many people do buy houses when overseas or moving back to the U.K. etc etc and so your position will not be unique.
Finally, there is another area where the term “First Time Buyer” crops up and that is with Shared Ownership and Help to Buy type schemes, which might suit you both.
is there any stamp duty exemption for first time buyers ?
and how do you define a first time buyer ? is it someone who has never--ever--bought a property before ? or first time--as in the bottom of a chain of buyers and sellers? i have bought--sold--gone into rented--then bought again several times. usually i free up a bit of cash each time, either downsizing or relocating. or buying a wreck--doing it up and cashing out and buying another needing work.
As I understand, BigMac, yes. It’s to encourage or help the first time buyer onto the housing ladder by not hampering them with a massive stamp duty bill just as they are trying to get their fingers on the first rung. But the laws have changed recently and so were not the same as a year ago or further back in time.
I'll just stick with the Help To Buy ISA since there's no penalty withdrawing from that.
We are hoping to upgrade our house when my wife gets ILR in around 31 months. That will mean paying Stamp Duty if I purchase the house or we jointly purchase it. My wife get can a 'Help To Buy ISA' whilst still on FLR (I hope) but I cannot as I will not be a first time buyer. Neither of us can get a Lifetime ISA as we are both too old.
So, it looks like my wife will be the sole owner of a house in the next 3-4 years.