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First time buyer, or not?

  • 20-02-2017 10:45pm
    #1
    [Deleted User]
    Posts: 0 ✭


    I've never purchased a property before. However, because I married somebody who had I had read in several places that our impending joint application for a mortgage would not be treated as a first time buyer case.

    Today the BofI mortgage person said quite the opposite: because I had never purchased, our joint application would be treated as a FTB situation. Is the BofI person mistaken? If not, is this the same with all lenders?

    For that matter, would the government regard us as FTBs and accordingly would there be a tax advantage to us? Thanks.


Comments

  • #2
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    BOI have misinformed you, any application would not be classified as first time buyers.


  • #3
    spockety
    Moderators, Education Moderators Posts: 5,532 Mod ✭✭✭✭spockety


    There could be two things going on. The bank can call you a first time buyer if they want, in terms of their treatment of your application. Their rules.

    For Revenue purposes however, because you married a person who already had bought a property, you are not a First Time Buyer any more in the case where you jointly buy a property with that person.


  • #4
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    spockety wrote: »
    The bank can call you a first time buyer if they want, in terms of their treatment of your application. Their rules.

    That's incorrect. The bank do not determine who is a first time buyer, it is set out in the Central Bank rules.

    For the Central Bank rules, you are a first time buyer if you or your partner have never had a mortgage before. If the property was inherited or bought outright, you are still considered first time buyers. If you are FTBs then you need a minimum of 10% deposit, otherwise you need a 20% deposit unless you qualify for an exemption under the bank's criteria (different for each bank).

    For the new Help to Buy scheme, you or your partner must have never purchased a house before.

    These are the only two benefits FTBs currently have.


  • #5
    spockety
    Moderators, Education Moderators Posts: 5,532 Mod ✭✭✭✭spockety


    Michael D Not Higgins wrote: »
    That's incorrect. The bank do not determine who is a first time buyer, it is set out in the Central Bank rules.

    For the Central Bank rules, you are a first time buyer if you or your partner have never had a mortgage before. If the property was inherited or bought outright, you are still considered first time buyers. If you are FTBs then you need a minimum of 10% deposit, otherwise you need a 20% deposit unless you qualify for an exemption under the bank's criteria (different for each bank).

    For the new Help to Buy scheme, you or your partner must have never purchased a house before.

    These are the only two benefits FTBs currently have.

    Happy to stand corrected. New fangled rules ;)


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