What makes me a First Time Buyer
From a mortgage lenders perspective; If you currently don’t own a property or on a joint application, both of you don’t currently own a property, you will be known as a First Time Buyer (FTB) with the majority of lenders.
From a stamp duty perspective; If you have never owned a property or on a joint application, both of you have never owned a property you are classed as a FTB. On the 22nd November it was announced that FTB's purchasing a property for £300,000 or less would have no stamp duty to pay. In London a First Time Buyer purchasing for up to £500,000 will not have stamp duty to pay on the first £300,000 saving you up to £5,000.