I have two houses in my name, so wonder whether including me on a joint mortgage affects stamp dutyQ As our son will go to university next year, we are considering buying a flat or property in the city where the university is for him to live in. We want to buy the property as a first-time buyer in my wife’s name as she doesn’t currently own property in her sole name. However, when my wife applied for a mortgage, the bank suggested that she take out a joint mortgage as her income is not enough for her to get one on her own. However, I have two properties under my name and one of them with a small amount of mortgage left. Does including my name with my wife in the mortgage affect her first-time buying status? Will this lead to a higher charge for a second property? ZZA If you were hoping that buying a property in your wife’s name would mean that she – as a first-time buyer – would be eligible for the first-time-buyer relief from stamp duty land tax (SDLT), I’m afraid that you are going to be disappointed. Continue reading…
Source : theguardian.com
Read more…If we buy a flat for our son in my wife’s name would she be deemed a first-time buyer?
