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Am I considered a first time buyer?

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  • 02-07-2009 11:34am
    #1
    felim
    Closed Accounts Posts: 157 ✭✭


    Just a quick question.

    In 2001 I bought a house with my ex-partner. Had it for 3 years and then we split. She bought me out of the house (we had it valued and she paid me half of the equity) and I have rented since.

    I'm now thinking of buying again, am I considered a first time buyer?


Comments

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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    No your not.


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    #3
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭EKRIUQ


    felim wrote: »
    Just a quick question.
    I bought a house

    First time buyer sort of explains itself


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    #4
    felim
    Closed Accounts Posts: 157 ✭✭felim


    EKRIUQ wrote: »
    First time buyer sort of explains itself

    Actually it doesn't.

    A divorced or separated person can be considered a first time buyer under certain conditions, but from my research it looks like the fact that I was not married counts against me.


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    #5
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    Above posts are correct, but;
    If you have only had a mortgage for 3 years, you will still be considered a first time buyer when it comes to mortgage interest relief. You will be able to claim for 4 more years (total is 7, you have had 3, so 4 left).

    Can someone else confirm this? as not 100% sure if TRS was available in 2001 and FTB's grant may cancel it out.


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    #6
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Senna wrote: »
    Above posts are correct, but;
    If you have only had a mortgage for 3 years, you will still be considered a first time buyer when it comes to mortgage interest relief. You will be able to claim for 4 more years (total is 7, you have had 3, so 4 left).

    Can someone else confirm this? as not 100% sure if TRS was available in 2001 and FTB's grant may cancel it out.


    with the new changes to TRS Im no so sure the OP would be entitled to the final 4 years TRS. Certanatly not immediatly before explaining the situation to the revenue.

    also as a non FTB your going to be saddled with stamp duty which is a pain in the backside.


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    #7
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    The new changes wont affect him, if i bought a house in 2004 then sold in 2006, i could buy today and still get TRS for 5 more years. The 7 year max at the moment is for 7 claimed years, not 7 consecutive years,.
    The OP's problem is he wouldn't have been getting TRS in 2001 (think it came after) he would have got the first time buyers grant and i dont know if you got the grant would you still get TRS.

    Ask the revenue, will tell you the answer in minutes.


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