Buying a house - joint mortgage

[MattZani]

Hello

My partner and I are planning to buy a property together.

The thing is she is a first time buyer while I already own a property.

So, how does it work with stamp duty? As a first timer she'd be paying almost nothing, while I'd be paying the higher %...but how does it work when it's a joint purchase?

Also, mortgage...she has a help to buy ISA. Will she still get money from the government even in this case? (buying together and me not being a first timer)

Hope you can help or redirect me to the right place (not THAT place)

Thanks

[MarillionFan]

Hello

My partner and I are planning to buy a property together.

The thing is she is a first time buyer while I already own a property.

So, how does it work with stamp duty? As a first timer she'd be paying almost nothing, while I'd be paying the higher %...but how does it work when it's a joint purchase?

Also, mortgage...she has a help to buy ISA. Will she still get money from the government even in this case? (buying together and me not being a first timer)

Hope you can help or redirect me to the right place (not THAT place)

Thanks

You have to pay the whole stamp duty as a second home. You can't split the benefits that way.

[WTFH]

Buying a house - joint mortgage

Hello

My partner and I are planning to buy a property together.

The thing is she is a first time buyer while I already own a property.

Are you selling your property, or keeping it as well?

So, how does it work with stamp duty? As a first timer she'd be paying almost nothing, while I'd be paying the higher %...but how does it work when it's a joint purchase?

If it is going to be your only home, the stamp duty is the same, no matter whether you are a first time buyer or not. That loophole disappeared some time ago.

Also, mortgage...she has a help to buy ISA. Will she still get money from the government even in this case? (buying together and me not being a first timer)

Legally she is not buying the property on her own, so the purchase of the property is not being done solely by a first time buyer. Legally she is not entitled to the government assistance for this purchase.

[northernladuk]

Is your partner a gladiator?

[SueEllen]

Is your partner a gladiator?

[l35kee]

So, how does it work with stamp duty? As a first timer she'd be paying almost nothing, while I'd be paying the higher %...but how does it work when it's a joint purchase?

You''ll have to pay the full stamp duty, as well as an additional 3% on top of that because you're buying another house that isn't replacing a residence.. i.e. you're not selling your current house. Before April last year total stamp duty on a £300k house would have been £5k. Now you'd be paying £14k... If you sell your othjer house within 3 years you can get £9k of that back.

Go here and check: https://www.tax.service.gov.uk/calcu...-duty-land-tax

[oscarose]

My partner and I are planning to buy a property together.

The thing is she is a first time buyer while I already own a property.

Bad idea - be prepared to be fleeced and watch out for the crash/interest rate hike coming your way soon...

[MattZani]

Thank you all for the replies and relevant links.

So yeah, keeping my first house doesn't sound like the greatest of moves

[SeanT]

Not if you're going bigger no. You'll need to sell it, buy the nice big expensive house with the proceeds, and then buy another cheaper house and pay the reduced extra stamp duty on that. The refund option may still be sound, considering the cost of buying and selling though. Got any relatives to sell the old house to on the cheap?

[scooterscot]

Equity release from you first property with re-mortgage and use to funds for 2nd purchase. Keeps deeds in partners name.