First time buyer loan application.

AckwelFoley

If two people get married and prior to their wedding/ relationship, one of them has a mortgage and the other does not and never has, if after the wedding is the spouse without the mortgage entitled to apply for a mortgage as a first time buyer or does the fact he has a mortgage previously count?

cookie1977

If the person who has never had a mortgage gets the mortgage in their own name only and the other person is not on it then yes they can.

AckwelFoley

Does it make a difference from the banks point of view if its a first time or a second? Is it a case of different interest rates?

cookie1977

no difference really at all. I was a first time buyer and my wife was a second time buyer when we bought a house together. We went through a broker (Irish mortgage corporation) and it didn't make a difference

OT but You're not a snyper from neowin are you?

Some info on mortgage interest relief:
http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html

AckwelFoley

cookie1977 wrote: »

no difference really at all. I was a first time buyer and my wife was a second time buyer when we bought a house together. We went through a broker (Irish mortgage corporation) and it didn't make a difference

OT but You're not a snyper from neowin are you?

Some info on mortgage interest relief:
http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html

Thanks for the information!

..and yes

Kev?

cookie1977

I should add the rates of interest would depend on a lot of things such as what you're doing with your first property if you still have it etc...



Cookie

cookie1977

First Time Buyer
Where your new spouse was not registered on the house deeds or had never received mortgage interest relief on another property, they are now considered a first time buyer and can be added as eligibile for mortgage interest relief on your house.
Will this make a difference to your tax relief at source?
If you are paying more interest than your maximum allowed limits, you can receive additional tax relief.
This will particularly happen if you are considered a second time buyer, as only €3,000 of interest can be relieved each year, as opposed to €10,000 for the first time buyer.
If you are no longer considered a first time buyer, your new spouse can claim interest relief at a higher rate than you – 25% rather than the 15% a second time buyer is allowed.
How much of a difference can this make? In the first full year you are married, this can make a difference of €2,500. Well worth checking this out we think.
Edit: One clarification here – First time buyer status will only apply to a house for 7 years, so if you stay in the same house for more than 7 years, your spouse will not get the full 7 years of first time buyer status. However if you do move house, your spouse will get 7 years of first time buyer status.
And thanks to Niall Brady of the Sunday Times for reporting this important story on the front of the money section of the Sunday Times today.

http://blog.redoaktaxrefunds.ie/mortgage-interest-relief-for-spouse/

AckwelFoley

cookie1977 wrote: »

http://blog.redoaktaxrefunds.ie/mortgage-interest-relief-for-spouse/

i suppose it would make sence if i applied for mortgage interest relief.. ive had a mortgage since 2006 and have yet to apply, i see i can get up to 4 years retrospective relief...

I need to get a statment of interest paid from the bank

cookie1977

ca ching

My cut is only 5% :P

AckwelFoley

you're great value at twice the price!