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First Time Buyer Definition / Question

  • 29-12-2020 12:44am
    #1
    wandererz
    Registered Users, Registered Users 2 Posts: 2,789 ✭✭✭


    My wife purchased property about 6 years before we married. We live in this now and the mortgage / property in in her name.

    Do I still qualify as a first time buyer from a Revenue and Bank/mortgage perspective?


Comments

  • #2
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    wandererz wrote: »
    My wife purchased property about 6 years before we married. We live in this now and the mortgage / property in in her name.

    Do I still qualify as a first time buyer from a Revenue and Bank/mortgage perspective?


    No you will not be a first time buyer if you plan on buying the property with her. You both have to be first time buyers in order to qualify for HTB and the bank if looking at a joint mortgage.


  • #3
    you2008
    Registered Users, Registered Users 2 Posts: 722 ✭✭✭you2008


    Dolbhad wrote: »
    No you will not be a first time buyer if you plan on buying the property with her. You both have to be first time buyers in order to qualify for HTB and the bank if looking at a joint mortgage.

    same question, but diff case for me as got my house in cash from parents (under my name). never had Mortgage, do I qualify as 1st time buyer if I am going to take a mortgage for the 2nd property ?


  • #4
    Dunfyy
    Site Banned Posts: 113 ✭✭Dunfyy


    you2008 wrote: »
    same question, but diff case for me as got my house in cash from parents (under my name). never had Mortgage, do I qualify as 1st time buyer if I am going to take a9k mortgage for the 2nd property ?
    No you are not a first time buyer


  • #5
    Louis Friend
    Banned (with Prison Access) Posts: 590 ✭✭✭Louis Friend


    you2008 wrote: »
    same question, but diff case for me as got my house in cash from parents (under my name). never had Mortgage, do I qualify as 1st time buyer if I am going to take a mortgage for the 2nd property ?

    Agreed, you are not a FTB unfortunately


  • #6
    PhoenixParker
    Registered Users, Registered Users 2 Posts: 2,677 ✭✭✭PhoenixParker


    you2008 wrote: »
    same question, but diff case for me as got my house in cash from parents (under my name). never had Mortgage, do I qualify as 1st time buyer if I am going to take a mortgage for the 2nd property ?


    I was in a similar situation in 2015 and was counted as a first time buyer. Central bank rules were centered on whether it was your first mortgage. I don’t believe they’ve changed that but since.

    Whichever ftb product or incentive you’re looking at, you’ll need to dig to find the exact official wording to check.


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  • #7
    Unknownability
    Registered Users, Registered Users 2 Posts: 976 ✭✭✭Unknownability


    The CBI defines first time buyer as "A first-time buyer is defined as a borrower to whom no housing loan has ever before been advanced. Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer."

    The help to buy scheme defines it differently.


  • #8
    you2008
    Registered Users, Registered Users 2 Posts: 722 ✭✭✭you2008


    PhoenixParker wrote: »
    I was in a similar situation in 2015 and was counted as a first time buyer. Central bank rules were centered on whether it was your first mortgage. I don’t believe they’ve changed that but since.

    Whichever ftb product or incentive you’re looking at, you’ll need to dig to find the exact official wording to check.

    that is very interesting to hear, the official wording is new build and never had any mortgage as far I can understand.


  • #9
    you2008
    Registered Users, Registered Users 2 Posts: 722 ✭✭✭you2008


    Unknownability wrote: »
    The CBI defines first time buyer as "A first-time buyer is defined as a borrower to whom no housing loan has ever before been advanced. Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer."

    The help to buy scheme defines it differently.

    thanks - the defines are below:

    https://www.revenue.ie/en/property/help-to-buy-incentive/who-can-claim-the-help-to-buy-htb.aspx

    The Help to Buy (HTB) incentive helps first-time buyers of newly-built homes to buy a new house or apartment. It also applies to once-off self-build homes. It only applies to properties costing €500,000 or less

    The incentive only applies to properties that are bought or built as the first-time buyer’s home. It does not cover investment properties. Cash buyers do not qualify. If you have inherited or been gifted a property it will not affect your eligibility.

    The fact its under my name - Is that mean I have inherited or been gifted a property?


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