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First time buyer status

  • 11-03-2019 11:00am
    #1
    madbaz
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi there,

    I have a query related to first time buyer status. If I borrow to purchase land for faming or to rent to farmers does that effect my first time buyer status for purchasing a home? i.e will I need a larger deposit when I go to take out a mortgage.

    Secondly, if I purchase a residential property abroad without borrowing does it effect my first time buyer status?  

    Thank you. 


Comments

  • #2
    Bank of Ireland: John
    Closed Accounts Posts: 204 ✭✭Bank of Ireland: John


    madbaz wrote: »
    Hi there,

    I have a query related to first time buyer status. If I borrow to purchase land for faming or to rent to farmers does that effect my first time buyer status for purchasing a home? i.e will I need a larger deposit when I go to take out a mortgage.

    Secondly, if I purchase a residential property abroad without borrowing does it effect my first time buyer status?  

    Thank you. 


    Hi madbaz,

    Thanks for getting in touch.

    The answer to both your queries is 'No' this will not affect your First Time Buyer status. To qualify as a First Time Buyer you must never have had a mortgage to purchase a family home.

    Many Thanks

    John


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