I own a property – can I get a deal if I buy another with a friend?

He’s a first-time buyer and we’re hoping to get a better mortgage and pay less stamp duty

Q I am really hoping you could give me some advice. I am currently based in London throughout the week and spend most weekends in Nottingham where I recently bought a property as a first-time buyer. I am now interested in buying somewhere in London together with a friend. I know that I’m not a first-time buyer but my friend is. Are we able to use his first-time buyer rights to secure a 10% deposit mortgage, and what stamp duty would we be expected to pay?
MF

A The only “rights” first-time buyers have that I know of is not to have to pay stamp duty land tax (SDLT) on the first £300,000 of a property costing up to £500,000, to be able to earn a government bonus with a help-to-buy Isa (individual savings account) and, from April 2021 be eligible for the new government equity loan scheme (which until then is open to all buyers). You don’t have to be a first-time buyer to get a mortgage of 90% LTV (loan to value) where you would need to put down a cash deposit of 10% of the purchase price of a property. Lenders that offer 90% mortgages for first purchases also tend to offer those terms to people who have had a mortgage before.

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from Property | The Guardian http://bit.ly/2WhEMUs
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