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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10451
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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/Madam, I have a few questions to ask: 1.

Resolved Question:

Dear Sir/Madam,
I have a few questions to ask:
1. Suppose I am unemployed, but own a property under my name (say, for example, worth £400,000), would it then be possible (or likely) for me to get a loan from a bank using my property as a form of collateral (even though I have no 'income' as I am unemployed) - or is it the case that banks usually tend to only offer loans to people who have an income (regardless of whether they have assets in the form of property)?
2. I have read that Stamp Duty does not apply to first time buyers. If, however, two individuals (e.g. a couple) were to purchase their first home together (under a joint purchase), would this mean that they would BOTH lose their status as a 'first time buyer', or only ONE of them? How does it work exactly in such a scenario?
Thanks.
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

1. I'm afraid Banks will only lend and grant a Mortgage if the borrower can prove their income and that they have sufficient income to pay the monthly repayments. You therefore would not be able to obtain a Mortgage.

2.The "first time buyers" exemption from Stamp Duty is no longer in force- it was only a temporary measure to boost the housing market, and which finished last year.

I hope this assists and answers your questions.

Kind Regards

Al

Aston Lawyer and 2 other Property Law Specialists are ready to help you

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