Maintaining Partner's First Time Buyer Scheme

witchgirl26

....... wrote: »

I disagree entirely and I suspect both the revenue commissioners and the bank would disagree also.

Can you point to anything at all in legislation, on the revenue's website or on a bank's website that indicates that applying as a single applicant while cohabiting (not married) is fraudulent? Anything at all. If you can, then please point it out.

As I said, we were completely above board with the bank and the application went through no problem.

Teddy Picker

SozBbz wrote: »

I think theres something funny about the way you're approaching this personally.

Full disclosure - myself and my partner live in a property that is in my name only. Mortgage was assessed as a single applicant.

In their, he could go buy a property as a first time buyer in the morning. We're not looking to do this however. We will probably buy together in a few years, thats the plan anyway. We will have more than 20% so not worried about being FTB or not, even if we decide to hang on to my place. We'll see closer to the time.

However, he will accrue rights over time. We don't have kids and are not married. We've lived together for more than 4 years, so as that becomes 5 years +, then he would have rights to some % equity in the property.

It doesnt matter whos account the mortgage repayments come out of. If a person accrues rights under the act, the courts will be able to tell what other household/lifestyle costs the person has paid towards thats contributes to your finances as a cohabiting couple.

Seriously, just read the act, its all there.

Hi SozBbz, that may have come down to phrasing on my part, I wasn't able to get the original question across clearly and concisely I guess. As it stands this is all purely theoretical blue sky thinking, there's no intention to proceed to an application in the near future, it's only to gather some info on something neither of us knew much about. The intention is not to try to find a way to prevent rights, merely to understand how it works in the first place. We may also buy second home as a joint mortgage in time, particularly as pointed out if we are married when the time comes we would be obligated too (wouldn't be an issue.)

Thank you for your response.

SozBbz

witchgirl26 wrote: »

Can you point to anything at all in legislation, on the revenue's website or on a bank's website that indicates that applying as a single applicant while cohabiting (not married) is fraudulent? Anything at all. If you can, then please point it out.

As I said, we were completely above board with the bank and the application went through no problem.

Same, i don't see what the issue with the revenue is here. It doesnt impact the tax take one way or the other. Bank might be interested in theory but in practice I don't believe they are.

I was totally open with my lender but they don't care. They only want to know your official status, ie single, married, divorced etc, ie the legal ways in which you might be obligated to another person. They don't care whether or not youre dating someone or whatever. Its not practical for them to care about your romantic life and they know that a lot of people who apply as single will ultimately get married, but they're not obliged to go back and get the banks permission for your life choices.

Spook_ie

Teddy Picker wrote: »

Hi SozBbz, that may have come down to phrasing on my part, I wasn't able to get the original question across clearly and concisely I guess. As it stands this is all purely theoretical blue sky thinking, there's no intention to proceed to an application in the near future, it's only to gather some info on something neither of us knew much about. The intention is not to try to find a way to prevent rights, merely to understand how it works in the first place. We may also buy second home as a joint mortgage in time, particularly as pointed out if we are married when the time comes we would be obligated too (wouldn't be an issue.)

Thank you for your response.

Joint mortgage for 2nd home, one of you, therefore both would no longer be FTBs

august12

Teddy Picker wrote:

Is this; 1. Possible for me to buy and have them live in the house, while maintaining their first time buyer benefits e.g. 10% deposit? 2. If my partner pays towards my mortgage are they entitled to equity in the house? If so, how does this work? 3. If / when we buy a second home, is it possible to transfer equity in both homes, so that we would have an equal share in both? (This assumes the first house is kept rather than sold when upgrading.)

I have read down through this thread, and to be honest, I think you are better off applying jointly. This first time buyers deposit could be irrelevant in another few years and there could be a completely different scheme/process in place,

Teddy Picker

Spook_ie wrote: »

Joint mortgage for 2nd home, one of you, therefore both would no longer be FTBs

Thanks Spook, that much was understood at least As it stands both situations are open i.e. joint mortgage in future, or partner buying in own name in future.

Spook_ie

SozBbz wrote: »

Same, i don't see what the issue with the revenue is here. It doesnt impact the tax take one way or the other. Bank might be interested in theory but in practice I don't believe they are.

I was totally open with my lender but they don't care. They only want to know your official status, ie single, married, divorced etc, ie the legal ways in which you might be obligated to another person. They don't care whether or not youre dating someone or whatever. Its not practical for them to care about your romantic life and they know that a lot of people who apply as single will ultimately get married, but they're not obliged to go back and get the banks permission for your life choices.

As a FTB you are allowed to avail of certain tax breaks, relief on DIRT etc. that non FTBs can't

Cuddlesworth

witchgirl26 wrote: »

Can you point to anything at all in legislation, on the revenue's website or on a bank's website that indicates that applying as a single applicant while cohabiting (not married) is fraudulent? Anything at all. If you can, then please point it out.

As I said, we were completely above board with the bank and the application went through no problem.

It does look like you can even claim the income from charging your unmarried partner rent, under the rent a room relief.

It refers to a Civil partner or child as being excluded from the scheme. Doesn't seem to matter where they sleep.

jimmycrackcorm

....... wrote:

I disagree entirely and I suspect both the revenue commissioners and the bank would disagree also.

There's a lot of nonsense about fraud in this thread.

The conditions for FTB status are very clear regarding joint purchase.
Nowhere is there anything about two people sleeping in the same bed.