What is a first time buyer mortgage?

To qualify as a first time buyer you cannot have previously ever owned any residential property. Even if this was some years ago and you have now sold the property, you will not qualify.

This is important because First Time Buyers (FTB) currently receive special reduced rates for Stamp Duty and are also eligible for other savings and property schemes. Learn more about Stamp Duty Land Tax.

The mortgage lenders will ask questions concerning your eligibility and your conveyancing solicitor will also make some more formal checks.

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