Expert Guidance Every Step of the Way
Your property may be repossessed if you do not keep up repayments on your mortgage.
Ownership Options and Alternative Mortgage Arrangements
When purchasing a property together, buyers can choose between Joint Tenants or Tenants in Common. Joint Tenants divide ownership equally and automatically transfer ownership to the other party if one owner passes away. Tenants in Common, however, allows for unequal ownership shares and the ability to pass ownership to someone else through a will.
For those needing additional financial support, guarantor mortgages—though less common—can involve a parent co-signing the mortgage to boost affordability. More popular now is the Joint Borrower Sole Proprietor (JBSP) mortgage, where a parent’s income helps secure a loan without them being added to the property deeds, providing a practical solution for First Time Buyers with limited income.
FAQ'S
Who is classed as a First Time Buyer?
A First Time Buyer is somebody who is buying a property for the first time. You’ve never bought a property before. But there are some lenders that would class you as a First Time Buyer if you haven’t owned a property for three or six years.
So if you owned a property ten years ago, some lenders would still deem you as a First Time Buyer whereas other lenders would not.
My partner is a First Time Buyer but I’m not – what are my options?
We do get asked this a lot. Generally you would need both applicants to be First Time Buyers to qualify for any special deals. But if one is and one isn’t, there won’t be any obstacles in the road – you can still buy a property.
How Do Joint Mortgages Work for First Time Buyers?
A joint mortgage allows two people to purchase a property together, sharing responsibility for the mortgage. Both applicants’ incomes and credit histories are considered in the application, making it easier to afford a property compared to applying individually.
However, if one applicant is not a First Time Buyer, the pair won’t qualify for First Time Buyer deals or exemptions, including the stamp duty exemption, which only applies if both applicants meet the criteria. Currently, stamp duty is waived for properties under £300,000 for First Time Buyers, but for non-First Time Buyers, the general threshold is £125,000
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
