First-Time Buyer (FTB)
Plain-English definition of First-Time Buyer (FTB) — part of our property glossary.
Definition
In UK property, a first-time buyer is someone who has never owned a residential property anywhere in the world. FTBs qualify for higher SDLT thresholds and specific mortgage products (typically with 95% LTV options and Lifetime ISA bonus).
Worked example
First-time-buyer status is per-person, not per-household. A couple where one partner previously owned pays FTB rates only on a second buyer's share — if the legal arrangement allows — but in practice most lenders and conveyancers treat joint purchases as losing FTB relief entirely.
Why it matters
Property is the single largest financial transaction most households ever make, and small mistakes — a worse rate, a missed relief, the wrong structure — compound over 25–30 years. Fluent vocabulary is the difference between spotting a costly clause and signing it.
Common mistake
Assuming advertised rates apply to everyone. Loan-to-value bands, property type, and credit history all filter you into a narrower set of actual rates. Always price the deal for your specific LTV and property, not the headline teaser.
Calculators that use this concept
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See also
- SDLT (Stamp Duty Land Tax) — Stamp Duty Land Tax is the UK tax on residential and commercial property purchases in England and Northern Ire…
- LTV (Loan-to-Value) — LTV is the mortgage amount expressed as a percentage of the property value. A £180,000 mortgage on a £200,000 …
- Offset Mortgage — A mortgage linked to a savings account: interest is charged only on the mortgage balance minus the savings bal…
- Help to Buy ISA (closed) — A government scheme closed to new entries in November 2019. Existing accounts still earn the 25% bonus on savi…
- Lifetime ISA (LISA) — A Lifetime ISA lets 18–39-year-olds save up to £4,000/year and receive a 25% government bonus on top, up to ag…