When is one a First Time Buyer or not?

wandererz

I am a bit confused about the definition of first time buyer status.
Sounds simple enough in theory, but here's a scenario:

Guy has no mortgage.
Girlfriend has mortgage on home/apartment.

Guy marries Girl.
Both are now in blissful wedlock.

Is guy still considered a first time buyer?
Or is he now stuffed due to to her previous purchase and has forfeited his chance at first time buyer status by virtue of the marriage?

(Perhaps a sign of the downhill nature of things to come. Queue: quick divorce.
Oops, no such thing in Ireland...Stuffed yet again.)

Nody

From what I can see you're not going to be a first time buyer if both of you go on the mortgage as per this page on Revenue website:

A First Time Buyer as defined by Section 92B, Stamp Duties Consolidation Act, 1999, is a person, (or, where there is more than one buyer, each of such persons):

who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and
where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and
where no rent, other than rent under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.

So if you're listed alone and you can show you do not own anything of the apartment (i.e. it needs to be written fully in your wife's name; if not you own part of a property)you are a first time buyer; if you apply for a joint mortgage you are not a first time buyer.

wandererz

Nody wrote: »

From what I can see you're not going to be a first time buyer if both of you go on the mortgage as per this page on Revenue website:

So if you're listed alone and you can show you do not own anything of the apartment (i.e. it needs to be written fully in your wife's name; if not you own part of a property)you are a first time buyer; if you apply for a joint mortgage you are not a first time buyer.

Thanks. So, if she sells her place and i take out a mortgage based on my own personal circumstances (Salary, outgoings etc.) then i could qualify for FTB status?

Would love to hear from others who have been in similar circumstances.

Nody

wandererz wrote: »

Thanks. So, if she sells her place and i take out a mortgage based on my own personal circumstances (Salary, outgoings etc.) then i could qualify for FTB status?

Would love to hear from others who have been in similar circumstances.

She does not have to sell it; you can write a marriage contract stating that the property is fully hers and in case of a divorce you're not entitled to any proceeds from it etc. You should probably write one anyway because if not if you pay for this property and it becomes considered shared...

phormium

Bear in mind that if you are married and buying a family home to live in banks will insist on mortgage being in joint names anyway.

wandererz

phormium wrote: »

Bear in mind that if you are married and buying a family home to live in banks will insist on mortgage being in joint names anyway.

Oh No.
I'm beginning to like the other guy slightly more than you.

Merowig

Am non-Irish so pardon my ignorance - but what is the advantage of being a Fist time buyer?

Mortage Interest Relief
http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html
is not applicable for new mortages?

Jen44

nope you are now not considered a first time buyer. I had my own house bought before we were married. When the time came to buy our family home (As in it wasnt going to be used as a rental) my husband was not considered a first time buyer. That being said we asked for an exemption to the new lending rules and we were able to get our new mortgage with only 10% deposit

phormium

Sorry! But that's the way the banks do it. What major benefits are left anymore for first time buyers anyway?

CIARAN_BOYLE

phormium wrote: »

Sorry! But that's the way the banks do it. What major benefits are left anymore for first time buyers anyway?

10% deposit instead of 20% deposit.