Am I a first time buyer?

Posted on 12 August 2018 by Jo

I haven’t had a mortgage for over 6 years and looking to buy a home, am I classed as a first time buyer?

Hi Jo,

The following is taken from the Government website:

First-time buyers

If you are a first-time buyer the threshold for when you start to pay SDLT is £250,000. This is only if you have never owned a house or flat in the UK or anywhere else in the world. If you are buying with someone else they must never have owned property before either.

Lenders all have similar definitions, with most adopting the following wording: " We define a first time buyer as an applicant that has never owned a property". What this means is you will be ineligible for any reduced application fees or special first time buyer products, but it still leaves you with a wide range of products, incentives and deposit requirements.

Whether or not you are a first time buyer is unlikely to affect the amount you can borrow, but if you were named on the existing mortgage will. As you have had a mortgage previously you would not qualify for a first time buyer mortgage and that will impact the amount of stamp duty you will be required to pay.

For information on stamp duty, read our stamp duty tax guide.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and they will then be able to offer further advice on your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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