New rules - how do they work with a non-first-time-buyer-partner

Chocolate Chip Sunshine

I am wondering if anyone knows where I can find an answer to the following question.

I am not a first time buyer, I sold a house in 2013 (I won't go into the details as to why I sold). I was not in negative equity.

I am now looking to buy a house with my partner who is a first time buyer. The bank stated that we need to have a 20% deposit because of the new rules even though my partner is a first time buyer.

Does anyone know where I can question this further?

Thanks

ted1

Chocolate Chip Sunshine wrote: »

I am wondering if anyone knows where I can find an answer to the following question.

I am not a first time buyer, I sold a house in 2013 (I won't go into the details as to why I sold). I was not in negative equity.

I am now looking to buy a house with my partner who is a first time buyer. The bank stated that we need to have a 20% deposit because of the new rules even though my partner is a first time buyer.

Does anyone know where I can question this further?

Thanks

Your not a FTB. If your partner bought on his own then he would be.

Chocolate Chip Sunshine

Do you know where questions such as the one I posted above can be referred to? I have some other questions and I am wondering if there is somewhere dedicated to answering such questions.
Thanks.

The_Morrigan

Talk to a mortgage advisor or a broker if you have specific questions that need to be answered.

jon1981

http://www.revenue.ie/en/tax/stamp-duty/certificates/first-time-buyer.html

pretty clear and easy to find.

A First Time Buyer as defined by Section 92B, Stamp Duties Consolidation Act, 1999, is a person, (or, where there is more than one buyer, each of such persons):

who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and

where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and

where no rent, other than rent under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.

Sala

The statutory instrument that brought the new regs into effect is here: http://www.irishstatutebook.ie/pdf/2015/en.si.2015.0047.pdf
It's very clear on this point at 2(2):
"(2) Where the borrower under a housing loan is more than one person and a
housing loan has previously been advanced to any one of those persons, none
of those persons is a first-time buyer."

I assume your only way around this is to be one of the exceptions allowed under the legislation. This would be up to your bank

Chocolate Chip Sunshine

Thanks for your help. Much appreciated