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First Time Buyer Question

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  • 14-03-2006 3:07pm
    #1
    BoozyBabe
    Registered Users Posts: 1,724 ✭✭✭


    Over a year ago I bought my first house & so benefited from all the 1st time buyer benefits.
    As far as I'm concerned the Buyer / Owner of that property is Ms Boozybabe.

    In a few years time my partner & I will build our own house, I would like to use my property as equity against getting a mortgage approved for our house.

    In my opinion the Buyer / Owner of the new property will be Ms & Mr Boozybabe
    (ie, NOT the same owner as the 1st property,)

    The Buyer / Owner Ms & Mr Boozybabe would also be a 1st time buyer & therefore should also be entitled to 1st time buyer benefits.

    Is this also how building societies would view the situation, or is it more like once you have any property to put against a new mortgage (regardless of the fact that both parties don't own it) you're not 1st time buyers?


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    #2
    Tazz T
    Registered Users Posts: 3,202 ✭✭✭Tazz T


    No. If you or any other co-owner of the house have owned a house anywhere in the world before, you are no longer qualify as a first time buyer.


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    #3
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    I think your husband can claim FTB stuff on his portion if you do it like that.

    If you got married by the way the house is his in all real terms.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Tazz T wrote:
    No. If you or any other co-owner of the house have owned a house anywhere in the world before, you are no longer qualify as a first time buyer.

    Tazz T is right, unfortunately.....

    Its not all doom and gloom though- as you have a property that you will be using as equity towards building a house (or buying one) with your partner, you would be viewed as much less a security risk by the bank/building society and they would be likely to offer you a better interest rate than they would be willing to offer a first time buyer. E.g. I am in a similar situation and what I loose in Mortgage Interest Tax relief / Stamp duty - is more than made up by paying a much lower interest rate (I pay 3% for 2 years then ECB +.7% - I got this from NIB (after a shipload of looking)). Job security and other things do factor in here as well though......


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