First time buyer classification

td2008

Hi,
Can anyone clarify the first time buyer classification - there's conflicting information online (also when i search here)

- borrower to whom no housing loan has ever before been advanced.

Central bank website
https://www.centralbank.ie/docs/default-source/news-and-media/press-releases/faq---new-regulations-on-residential-mortgage-lending.pdf?sfvrsn=2

Mortgages 123
https://mortgage123.ie/first-time-buyer/


- Someone who has never owned/bought a share in a property

revenue
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/first-time-buyers-relief/index.aspx

boi
https://www.bankofireland.com/help-centre/faq/first-time-buyer/

Many thanks

guppy

td2008 wrote: »

Hi,
Can anyone clarify the first time buyer classification - there's conflicting information online (also when i search here)

- borrower to whom no housing loan has ever before been advanced.

Central bank website
https://www.centralbank.ie/docs/default-source/news-and-media/press-releases/faq---new-regulations-on-residential-mortgage-lending.pdf?sfvrsn=2

Mortgages 123
https://mortgage123.ie/first-time-buyer/


- Someone who has never owned/bought a share in a property

revenue
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/first-time-buyers-relief/index.aspx

boi
https://www.bankofireland.com/help-centre/faq/first-time-buyer/

Many thanks

As far as the government is concerned, if you've owned a property outright, or had a mortgage on a property, you no longer are considered a first time buyer.

punisher5112

Pretty self explanatory....

You must be 1st time buyer and never have owned any previous property or had a mortgage....

If with a partner then having them go alone would be the only option to attain 1st time buyer....

guppy

guppy wrote: »

As far as the government is concerned, if you've owned a property outright, or had a mortgage on a property, you no longer are considered a first time buyer.

Also worth noting this applies if you've owned/had a mortgage anywhere in the world, not just in Ireland.

Mike3549

Not 100% sure, but i read somewhere (probably boards) that Central bank and revenue look at it differently.
Central bank - first time borrower, revenue - first time owner.
If you owned a property, inherited or bought by cash, and wanted to apply for a mortgage, first time buyer deposit rule would apply, but you wouldnt qualify for governments HTB scheme.

Esel

I read somewhere that a divorced person can be treated as a first-time buyer, even though they owned a property previously.

punisher5112

Esel wrote: »

I read somewhere that a divorced person can be treated as a first-time buyer, even though they owned a property previously.

How as they wouldn't be a 1st buyer if previously had.

Esel

punisher5112 wrote: »

How as they wouldn't be a 1st buyer if previously had.

I think it is a concession in the situation where a divorced person (or both persons) is effectively forced to re-home themself as part of the settlement. E.g. one party remains in the family home, other has to move. Or marital home is sold, assets split, and both parties have to move out.

td2008

Just to update -spoke to KBC today and they go with the central bank definition, someone who never has had a mortgage rather than owning property

missmatty

I inherited a half share in a property and still qualified for the HTB, everything was declared to Revenue and above board. However it took weeks on the phone to the Revenue & Property Tax crowd for the application to go through as it was blocked initially.

Vertigo100

All boils down to what shows on your credit check. If your old mortgage isn’t and you don’t declare it the bank will take you as a first time buyer.