Quick Answer: What Is A First Time Buyer UK?

A person is generally classified as a first-time-buyer if they’re purchasing their only or main residence and have never owned a freehold or have a leasehold interest in a residential property in the UK or abroad.

Before looking at properties, you need to save for a deposit.

Who qualifies as a first time buyer UK?

To be classified as a first-time buyer you must never have owned a residential property in the UK or abroad. This includes freeholds and interests in leaseholds. You must also be purchasing your only or main residence. This means first-time buyers cannot get Stamp Duty relief on buy-to-let properties.

How do they know if I am a first time buyer?

The government could know if you are a first-time buyer buy searching the land registry for your name. By using your national insurance number the government will be able to know if you are a first-time buyer as they could see from HMRC that you have paid stamp duty in the past.

Who is classed as a first time buyer?

The dictionary definition of a first-time buyer is ‘a person buying a house or flat who has not previously owned a home and therefore has no property to sell’. In other words anyone getting a mortgage who isn’t a homemover, homeowner, buy-to-let investor or simply remortgaging is classed as a first-time buyer.

What are the benefits of being a first time home buyer UK?

What are the advantages of being a first-time buyer?

  • Financial benefits.
  • Preferred buyer.
  • Move from family home.
  • No more wasted rent.
  • Freedom to finally make that perfect family home a reality.