Question re: first time buyer

[Shivvy]

My parents are thinking of buying a bigger property and I am considering helping them raise the mortgage (as the property is expensive). If I do this, will I still be able to get a first time buyer exemption when I go to purchase my own property. My parents do not intend to name me on the title of their new property - I would just be on the mortgage papers.

I really want to be considered as a first time buyer when I go to buy my own house. Is there any other way I can help my parents with their financing of their new home without losing my first time buyer exemption.

 

[Kevin Brod]

If you contribute towards the mortgage you will loose your FTB status. Unless your salary is very strong I doubt main Lenders will allow you go as a full guarantor.

Possible option, If you had very high savings you could put a lien of X amount in an account for X amount of years which would increase your parents borrowing potential by this X amount.

Your parents age and the max term I would guess is the main factor here that will determine their borrowing potential.

If you go on the mortgage (even if your not on the deeds) you will probably loose your FTB status. You'd need to check with a solicitor though.