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First Time Buyer Morgage vs. property ownership outside Ireland

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  • 18-11-2013 12:24pm
    #1
    Maria123
    Registered Users Posts: 13 ✭


    I'm a non-Irish living in the country for many years and with no plans to leave. Myself and my partner would like to apply for a "First Time Buyer" type of morgage and buy a house. We don't own any properties in Ireland.
    I've recently found out that I'm a part-owner of the family home back in my country of orgin. I've inherited my share as a child after one of my parents died.
    Will this fact ruin my chances of getting a Frist Time Buyer morgage in Ireland?
    Thanks in advance for your help!


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


    then your not considered an FTB in Ireland. So yes it ruins your chances.


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    #3
    mel.b
    Registered Users Posts: 3,130 ✭✭✭mel.b


    As far as i know, there are no 'first time buyer' mortgages in Ireland. Maybe Killars1 can chime in. Everyone pays stamp duty of 1% on purchases under €1million and the TRS has also been abolished.


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    mel.b wrote: »
    As far as i know, there are no 'first time buyer' mortgages in Ireland. Maybe Killars1 can chime in. Everyone pays stamp duty of 1% on purchases under €1million and the TRS has also been abolished.

    Yes there are FTB mortgages.

    Firstly you have LPT exemption till 2016 so there is / are benefits to being classified as an FTB.


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    #5
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    FTB status doesn't matter for a mortgage. It's just a marketing exercise.

    There may, however, be various tax implications so you should check with Revenue.


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    #6
    mel.b
    Registered Users Posts: 3,130 ✭✭✭mel.b


    D3PO wrote: »
    Yes there are FTB mortgages.

    Firstly you have LPT exemption till 2016 so there is / are benefits to being classified as an FTB.

    That's not related to the mortgage though, and it ends at the end of this year, so it unlikely the OP would have a sale completed in time if they are just asking about a mortgage now. As Spockety says, advertising 'FTB mortgages' is more a marketing ploy.


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    #7
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    You are still a first time BUYER. I think the fact that you have inherited part of the family home in your own country would not affect your chances of getting a mortgage and yes you have to purchase a property before the end of December 2013 to qualify for the exemption of property tax for next 2 years.

    Maria123 wrote: »
    I'm a non-Irish living in the country for many years and with no plans to leave. Myself and my partner would like to apply for a "First Time Buyer" type of morgage and buy a house. We don't own any properties in Ireland.
    I've recently found out that I'm a part-owner of the family home back in my country of orgin. I've inherited my share as a child after one of my parents died.
    Will this fact ruin my chances of getting a Frist Time Buyer morgage in Ireland?
    Thanks in advance for your help!


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