First time buyer & BOI's new lending criteria

amarbudhe

I am a first time buyer looking for a mortgage and came across BOI's new strict lending criteria. I was wondering if anyone is facing this problem.

I am co-habitting with my partner and our 2 children. My partner owns an apartment so she can no longer avail the first time buyer grant.

I approached BOI recently looking for 270K just on my income, I have substantial deposit saved up as well.

BOI agent just told me that I cannot secure a mortgage on my own and I must include my partner on the application. The issue is that she is not a first time buyer and it is not fair that I have to fork out the stamp duty for the famiy home now.

Any thoughts on this are welcome

spockety

I take it you're not married?

If that's the case you have no legal ties whatsoever to your partner, and unless you signed guardianship forms you don't even have much of a legal relationship with your own kids!

Sounds to me like you're ... single! And that's what I'd be telling the bank. Especially given you intend buying on your own, with your own money, and your own deposit.

I presume every single red cent of your deposit is your own, and not a single euro of it came from your partner? If she contributes in any way whatsoever, then I'm afraid the bank are right and you're not a first time buyer, though why it matters for your mortgage I have no idea.

By the way, even if you are married you are still a first time buyer as far as the Revenue are concerned, as long as again it's 100% your own money used to buy a property. The issue is with the banks not wanting to give out mortgages to a married person without including their spouse on the mortgage agreement, which as far as the Revenue are concerned makes them party to the purchase and nullifies your FTB status.

Moonbeam

You can still buy the house on your own and you are a first time buyer.
We found mortgages.ie quite good.