First Time Buyer Status Question

[AAMoneyUser]

Hi there,

My significant other purchased a house as a first-time buyer in 2015. I was not on the mortgage application (as I was non-permanent at the time) and the title of the property is solely in their name.

In 2017 we remortgaged the property to refurbish the house, for which I am a signee/responsible - I had to sign a waiver form for any rights to the property and the title is still solely in my significant others name.

I am just curious if I would still classify as a First Time Buyer or that option is now gone due to the above. I googled but could not find any clear answer.

Thanks for the help.

 

[NoRegretsCoyote]

My significant other

I presume you were not married then. Are you married now?

for which I am a signee/responsible

Are you a guarantor?

 

[AAMoneyUser]

I presume you were not married then. Are you married now?


Are you a guarantor?

Still not married, co-applicant.

 

[NoRegretsCoyote]

The relevant legal basis defines it as:

“first-time buyer” means, subject to paragraph (2), a borrower to whom no housing loan has ever before been advanced;

If you are merely a guarantor then I don't think a housing loan has been advanced to you and you are not a "borrower" either under the legislation. But am not an expert and open to correction.


But if you want to take out a new mortgage with your significant other you are not a first-time buyer either individually or together.

Where the borrower under a housing loan is more than one person and a housing loan has previously been advanced to any one of those persons, none of those persons is a first-time buyer.

 

[NoRegretsCoyote]

co-applicant.

So have you signed a mortgage contract with a lender for the top-up?

 

[RedOnion]

I am just curious if I would still classify as a First Time Buyer

Are you asking from the perspective of a mortgage application, or the Help to buy scheme?

 

[AAMoneyUser]

Are you asking from the perspective of a mortgage application, or the Help to buy scheme?

Mortgage application, considering the cost of purchasing adjoining property to extend if comes available. Ideally, I could do so in my own name & avail of a 10% deposit.

So have you signed a mortgage contract with a lender for the top-up?

Correct, I was just wondering if it was a grey area. As the mortgage is jointly in my name but no title associated with that mortgage is in my name, I would have taken on the responsibility of the debt but not to purchase a property if that makes sense.

 

[NoRegretsCoyote]

Interesting question, but I don't think it's a grey area. To me the definitions above don't give much wiggle room.

You've been given a "housing loan" even if the title is not in your name.

 

[AAMoneyUser]

Well, thanks for the help anyway. Much appreciated.