Countdown to the Budget

Martynt74 · 22 Nov 2017 at 14:03

doodah said:
Years away but think the stamp duty rule will help very nicely (at least in terms of the cash needed at point of purchase).

Yeah that's the benefit, even if prices rise because of it at least it's a few extra thousand not needed up front.

Freakbro · 22 Nov 2017 at 14:03

robgmun said:
All wrong i'm afraid, just bought a new house this year and i owned a flat before, because i sold it and no property in my name i was considered a FTB from everyone from solicitors to the Mortgage lenders.

Well, apologies to the poster who asked the question if I am wrong, but the HMRC definition of a FTB is

[So, what is HM Revenue & Customs's definition of a first-time buyer? It's not exactly snappy: "A person who has not acquired a freehold or leasehold interest in residential property in the UK (except a lease with less than 21 years to run) or an equivalent interest anywhere in the world." In other words, you don't qualify for the stamp duty exemption if you have owned a property in Britain or anywhere else in the world. HMRC adds the buyer(s) "must intend to occupy the property as their only or main residence". So it doesn't apply to second homes or buy-to-let properties.

Azza · 22 Nov 2017 at 14:03

robgmun said:
All wrong i'm afraid, just bought a new house this year and i owned a flat before, because i sold it and no property in my name i was considered a FTB from everyone from solicitors to the Mortgage lenders.

The mortgage lender seem to have different things to what they classify as a first time buyer.

Halifax for example: As long as one person applying has never owned a property before, you can apply for a first time buyer mortgage with the Halifax.

Nationwide state that if need to have not had a mortgage in the past 3 years.

Stretch · 22 Nov 2017 at 14:05

Rotty said:
Yes or I wouldn't have said it

Thought it might have been a typo. Within what sort of time period have they refunded?

Rotty · 22 Nov 2017 at 14:09

Stretch said:
Thought it might have been a typo. Within what sort of time period have they refunded?

can't remember it was a long time ago

though I do remember it was announced at the rime of reduction announcement

Freakbro · 22 Nov 2017 at 14:09

Everyone seems to have glossed over the opening statement of the massive downgrade in the countries growth for the next 5 years...

Thanks Brexit

Secret_Window · 22 Nov 2017 at 14:10

Rotty said:
he knows he's struggling to pick fault

The Tories actually listened and lessened the impact of all his points. So he had nothing to really go with.

Rotty · 22 Nov 2017 at 14:11

Secret_Window said:
The Tories actually listened and lessened the impact of all his points. So he had nothing to really go with.

yes they've gone middle of road with this one

Freakbro · 22 Nov 2017 at 14:11

Rotty said:
can't remember it was a long time ago

though I do remember it was announced at the rime of reduction announcement

If that's the case the most logical thing would be to backdate it to the start of the financial year (April)

doodah · 22 Nov 2017 at 14:12

Freakbro said:
Everyone seems to have glossed over the opening statement of the massive downgrade in the countries growth for the next 5 years...

Thanks Brexit

Quite - a few minutes ago the Independent had several 'Breaking News' stories. All of which were doom and gloom for the economy.

Growth forecasts revised - shocked! It's always being revised

.

Greebo · 22 Nov 2017 at 14:15

Freakbro said:
Everyone seems to have glossed over the opening statement of the massive downgrade in the countries growth for the next 5 years...

Thanks Brexit

Oh and the fact he announced we are the 6th largest economy in the world. Was 5th last time he stood up

Randomface74 · 22 Nov 2017 at 14:17

How's he paying for this stuff? Feel like I'm missing half the balance sheet.

robgmun · 22 Nov 2017 at 14:20

Freakbro said:
Well, apologies to the poster who asked the question if I am wrong, but the HMRC definition of a FTB is

The real world is different

Freakbro · 22 Nov 2017 at 14:21

billysielu said:
How's he paying for this stuff? Feel like I'm missing half the balance sheet.

More borrowing.

Which is fine when the Tories do it, but it seems to send people into a frothy rage if Labour want to do it

Martynt74 · 22 Nov 2017 at 14:22

robgmun said:
The real world is different

Yes but the governments definition of a FTB will be the logical one.

Mortgage companies don't care or apply the same rules. Because they're not the ones giving out free cash.

Freakbro · 22 Nov 2017 at 14:22

robgmun said:
The real world is different

Yea, they don't follow the rules

LOAM · 22 Nov 2017 at 14:22

robgmun said:
All wrong i'm afraid, just bought a new house this year and i owned a flat before, because i sold it and no property in my name i was considered a FTB from everyone from solicitors to the Mortgage lenders.

Not wrong at all, mortgage companies can set their own definition of FTB as its their prerogative to do so. As far as HMRC is concerned if you sign a declaration that you are a FTB* when you aren't so that you can avoid Stamp Duty then you would be, by current HMRC definitions, committing fraud.

*as in the case of the help to buy scheme

https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

robgmun · 22 Nov 2017 at 14:22

Freakbro said:
Everyone seems to have glossed over the opening statement of the massive downgrade in the countries growth for the next 5 years...

Thanks Brexit

It's dammed if you do, dammed if you don't. Being in government is a poisoned chalice for the next few years whoever is in power but idiot corbyn seems desperate to snatch it for himself.

Sui · 22 Nov 2017 at 14:22

It's 5% stamp duty on everything between £300k to 500k for FTB, an effective 5k saving.

Sui · 22 Nov 2017 at 14:24

robgmun said:
All wrong i'm afraid, just bought a new house this year and i owned a flat before, because i sold it and no property in my name i was considered a FTB from everyone from solicitors to the Mortgage lenders.

Banks and Government are different, solicitors won't mind bending things for a mortgage, but stamp duty to the government will have much stricter regulations.