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In November 2017, the government announced stamp duty relief for all first-time buyers in the UK.
Under this relief, first-time buyers will pay no stamp duty on purchases up to £300,000 and a rate of 5% on portions between £300,001 and £500,000.
This new relief makes it important to understand who the UK government defines as a first-time buyer.
In laymans terms, the definition of a first-time buyer is an individual who has never owned a property before. To put it another way someone getting a mortgage who isn’t a homeowner, homemover, buy-to-let investor or just remortgaging is classed as a first-time buyer. However, there are a few nuances which make it a bit more complicated than that.
If you qualify as a first-time buyer, this means you’ll be able to access some of the cheaper mortgage deals on the market. You can compare mortgages and browse rates here.
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Hi , me and my girlfriend are looking at buy a house , I’m just wondering if I’m a first time buyer or not ? I had a mortgage with a friend many years ago but we sold it so I’ve not had a mortgage for a few years now , I still have no mortgage am I a first time buyer then ? It’s very confusing , some places say I am and others say I’m not , my partner is defo a first time buyer she has never had any mortgage
It is best to directly check with the lender first, especially if you are looking to take advantage of a first time buyer offer. However, typically you are not classed as a first time buyer if you have already owned a property. This is the case even if you are buying with someone who has never owned a property before.
I have owned property before, but was declared bankrupt in 2009.
Changed surname in 2013.
Am I a first time buyer now or not ?
Thanks for your comment and I hope you are doing well. To answer your question if you are a first-time buyer after declaring for bankruptcy, as you have already owned a property before (even after bankruptcy in 2009 and changing surnames in 2013), this excludes you from being a first time home buyer.
Hope this clarifies!