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If I purchase a house with my siblings for cash (no mortgage), will this affect my eligibility for first time buyer rates when I come to purchase my own home?

Posted on 19 November 2013 by Jennifer


I am in the process of purchasing a house with my siblings for cash so no mortgage is applicable. Will this affect my eligibility for first time mortgage rates when I come to purchase my own home? I live in Northern Ireland.

Jennifer,

The majority of rates that are available in the mortgage market for purchase applications are available for both first time and subsequent time buyers, with no material difference. Some lenders do have some products that are speciifically aimed at first time buyers, and there are some schemes, such as Help To Buy 2 where applicants for the scheme are inelligible if they own or have an interest in any other property. In the main though, you shouldn't be significantly disadvantaged by not being a first time buyer.

If you'd like to talk your enquiry through in more detail, then please let me know, and I'll get one of our consultants to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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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.

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