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I'm not a first time buyer. I lost a home 12 years ago. My husband, however, is a first time buyer. Will there be an issue?

12 January 2022

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Question by Lauren

I'm not a first time buyer. I lost a home 12 years ago. My husband, however, is a first time buyer. Will there be an issue?


Answered by Boring Money

Hi Lauren,

It depends on what issue you are referring to - if you lost a home / had it repossessed 12 years ago, providing that you've been through the bankruptcy / IVA /DMP plan as specified then your debts should have been cleared. If since then you've taken steps to rebuild your credit, not missed payments and you've brought your credit score up, then you shouldn't have a problem getting a mortgage (although you should get a financial adviser / whole of market mortgage adviser to help you as it may be a smaller building society that is more willing to accept you.

Some lenders will count you as a first-time buyer if you've not owned a property (or had a mortgage) in the last 3 years so you might qualify for a first-time-buyer deal, which could mean a better rate or a benefits package (like free valuation or cash-back towards legals).

In terms of Stamp Duty Land Tax (SDLT) you would NOT qualify for the first-time buyer exemption because they ask if you have EVER owned a home. The only way to qualify would be for your husband to buy the house in his sole name - BUT this means that you have no legal claim on the property unless you arrange for a solicitor to create a deed of trust to protect your interest.

Hope this helps

Claire