First Time Buyer Joint Mortgage
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First Time Buyer Joint Mortgage
Jess Pearson explains how a joint mortgage works if you are a First Time Buyer.
How do joint mortgages work for First Time Buyers?
When you’re purchasing your first ever property, the process can seem quite daunting. In terms of applying for a joint mortgage rather than a mortgage by yourself, there isn’t a huge difference in the process or the requirements.
It’s just that the information needed is for both of you, not just one of you. Joint applications do have their benefits, because two lots of income can boost how much you can potentially borrow on a mortgage.
My partner is a First Time Buyer but I’m not – what are my options here?
The mortgage options available are essentially the same, the only difference being that some lenders have certain additional features on First Time Buyer mortgages, such as cashback.
With one of you not being a First Time Buyer, these additional features may not be part of the product a lender offers you.
The key consideration here is the potential liability for stamp duty, and it’s best to seek tax advice or speak to a solicitor on this.
Do both buyers have to be First Time Buyers? Do couples lose First Time Buyer status if one partner bought in the past?
Both buyers don’t need to be a First Time Buyer to purchase a property, so don’t worry, you can still potentially buy a home together.
Some lenders do require both applicants to be a First Time Buyer to qualify under that title, whereas others do just need one of you to be a First Time Buyer.
How a lender classifies you as a buyer could make a difference in the income multiples they provide, or the mortgage features they offer – such as cash back on completion.
Do I have to pay stamp duty if my partner is a First Time Buyer but I’m not?
Yes, you would still have to pay the full stamp duty if you buy a property with your partner and they’re a First Time Buyer. If you’re married, you are considered to be one entity and wouldn’t be eligible for the stamp duty relief.
The only way to qualify for the First Time Buyer stamp duty relief is if you’re both First Time Buyers. However, having said that, the stamp duty rules are complex and depend on multiple factors.
The best thing to do would be to contact a tax advisor or solicitor to get all the accurate information based on your circumstances. That’s not our area of expertise.
What does being joint tenants or tenants in common mean?
Joint tenants means that two or more people own a property equally, which gives each person the right to the whole property. Tenants in commons means that multiple people own a property, with each person owning a certain share or percentage as co-owners.
Can I get a mortgage with a guarantor?
Guarantor mortgages exist in a slightly different way than how they used to. They’re now more commonly known as Joint Borrower Sole Proprietor mortgages.
This is where the person who is acting as the ‘guarantor’ is added on to the mortgage using their income and expenditure. They would not be on the title deeds for the property, however.
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What is a Joint Borrower Sole Proprietor mortgage?
As I mentioned, a Joint Borrower Sole Proprietor mortgage is where multiple people apply on the mortgage using their income and expenditure. But only one person (or a couple) are registered as the legal owner on the Land Registry title deeds.
How much can you borrow as a First Time Buyer with a joint mortgage? How much deposit do I need?
The amount you can borrow on a mortgage is based on your income and expenditure. Where there are two of you, lenders will look at the combined total. Some lenders only require a deposit as little as £5,000 [correct at the time of recording in March 2025].
However, the smaller your deposit, the more criteria need to be met. Most lenders usually require a minimum of 5% deposit based on the property value.
The amount of deposit you have will determine the lenders and the rates on offer to you. To get an idea of what you can borrow, get in touch with a mortgage advisor and we can research that for you.
Can you transfer a joint mortgage to one person?
If your income and expenditure as a sole applicant fits with a lender’s affordability requirements, they may allow you to change from a joint to sole mortgage.
In some cases, if we can evidence to a lender that you’ve been paying the mortgage and all bills by yourself with no support, they may in rare cases allow for the other party to be removed, even if that didn’t fit their current income and expenditure criteria.
How do you calculate a First Time Buyer joint mortgage?
As a mortgage broker, we have access to a variety of tools to calculate how much you’re able to borrow based on your income and expenditure. Some lenders have smart systems where they don’t need the ins and outs of your bills each month. They pull the figures through from the Office of National Statistics, which is great.
The tools we use include lenders’ affordability calculators, a mortgage sourcing system called Twenty7Tec and a variety of criteria support systems, as well.
How can a mortgage broker help us get a joint mortgage as First Time Buyers?
As a mortgage broker, we can help you look at the options – whether you’re buying as one person, two people or even more. Just reach out and we’ll be able to give you the advice you need.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.
THERE MAY BE A FEE FOR MORTGAGE ADVICE. THE PRECISE AMOUNT OF THE FEE WILL DEPEND UPON YOUR CIRCUMSTANCES, BUT WILL RANGE FROM £99 TO £549 AND THIS WILL BE DISCUSSED AND AGREED WITH YOU AT THE EARLIEST OPPORTUNITY.
ASSET HARBOUR MORTGAGE AND PROTECTION LIMITED TRADING AS ASSET HARBOUR MORTGAGE AND PROTECTION ARE AN APPOINTED REPRESENTATIVE OF HLP PARTNERSHIP LIMITED, WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
