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If I move into a house and am put as a payee for the mortgage on that property will I still be considered a first time buyer for any future property I might go on to buy?

17 February 2022

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Question by Victoria

If I move into a house and am put as a payee for the mortgage on that property will I still be considered a first time buyer for any future property I might go on to buy?


Answered by Adam McCallion

Hi Victoria,

Paying a mortgage and owning a home are two separate issues, which is good news if you want to keep you FTB status and benefit from some of the opportunities out there for FTBs. In short, you are no longer a FTB once you are an owner or part owner of a property as noted on Land Registry. Paying toward a mortgage would not trigger any ownership records and you should be fine to apply as a FTB at a later time, as long as, of course, you are not buying any of the equity in the home as part of the deal for making regular payments.

I hope this helps

Regards

Adam

Answered by

Adam McCallion

Financial Adviser & Wealth Manager

I work with a broad range of clients, including mums and dads looking to build wealth and financial security, business owners looking for efficiencies and tax planning opportunities, and those approaching (or in) retirement seeking the best out of life after all the hard work is done!