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First mortgage question

  • 15-07-2016 6:19pm
    #1
    Blender44
    Registered Users, Registered Users 2 Posts: 10 ✭


    I intend to apply to the banks for a mortgage shortly. I know the question they will ask is "Are you a first time buyer?" Two questions:-

    1. Why do they ask this?

    2. I already have a flat in the UK - does this mean I would still be classed as a first time buyer here? If so is this to my benefit?


Comments

  • #2
    Konata
    Closed Accounts Posts: 6,164 ✭✭✭Konata


    They ask you because there are different rules for 1st time buyers. You are not a first time buyer because you already own a property (the definition says 'in Ireland or abroad', you can see it here).

    What all this means is that you will need a 20% deposit under the mortgage rules (as opposed to a 10% on the first 220,000 and 20% thereafter for FTBs).


  • #3
    ted1
    Registered Users, Registered Users 2 Posts: 23,902 ✭✭✭✭ted1


    Blender44 wrote: »
    I intend to apply to the banks for a mortgage shortly. I know the question they will ask is "Are you a first time buyer?" Two questions:-

    1. Why do they ask this?

    2. I already have a flat in the UK - does this mean I would still be classed as a first time buyer here? If so is this to my benefit?

    Do you have an existing mortgage on the property? Because you may not realise that they are asking if you have a property in general as oppose to in general ;)


  • #4
    Blender44
    Registered Users, Registered Users 2 Posts: 10 ✭Blender44


    ted1 wrote: »
    Do you have an existing mortgage on the property? Because you may not realise that they are asking if you have a property in general as oppose to in general ;)

    The mortgage got paid off on it a few years ago. If the only implication is the deposit amount then I should be ok as planning on putting down more than 20% anyway.

    I realise I now have to trawl through this forum for further tips, but is there anything else to think about?


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