First Time Buyers

Posted on 18 October 2011 by Oliver

My partner purchased a house 4 years ago with her sister and is listed as paying the mortgage. We would be looking to get a mortgage ourselves as she is no longer living in the property (but still listed on the mortgage) I would currently earn more money so believe I would listed as the first applicant but I have never had a mortgage. Are we able to get a first time buyer mortgage or is this now not possible?


I regret that as your partner currently owns a property, you will not be able to qualify for a First Time Buyer (FTB) mortgage rate or the increased Stamp Duty Land Tax threshold.  This is Santander's definition of a FTB and you will find other lenders have a similar or the same criteria:  A customer who has never owned a residential property, whether in the UK or abroad. On joint applications all customers must meet the definition.

As far as the FTB Stamp Duty incentive is concerned I have taken this definition from the website: 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. This higher threshold applies to purchases made on or after 25 March 2010 and before 25 March 2012.

I think you greater concern is going to be how Lenders assess affordability when one party is already named on a mortgage and you could find that any new loan is going to be based on your income alone.  Without all the details I am unable to assist you further and I recommend that you call 0344 346 3672, tell the consultant the date and title of your question, they will then be able to advise you 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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