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Second time buyer

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  • 10-04-2016 10:34am
    #1
    Brobromococo
    Registered Users Posts: 18 ✭


    I bought a house 8 years ago for 40,000e to invest my money. Now I am going to sell the house to my dad and use 29000e of it as a deposit for a new house. I never got a mortgage or any loans for the house.
    Will I still have to pay the second time buyer 20% deposit even though I never borrowed the first time?


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    #2
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    From a mortgage piint of view, you're a first time buyer.

    The central bank rules apply to the drawdown of a mortgage in your name not the ownership or purchase of a property. Some banks may treat it differently because of internal rules but you argue with them if you have to.

    I'm in a similar situation and am mortgage approved with KBC.

    Given the deposit ypu mention, bear in mind that for the portion of the property value above 220k you still need a 20% deposit.


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    #3
    Brobromococo
    Registered Users Posts: 18 ✭Brobromococo


    That's great to know thanks a million
    PhoenixParker wrote: »
    From a mortgage piint of view, you're a first time buyer.

    The central bank rules apply to the drawdown of a mortgage in your name not the ownership or purchase of a property. Some banks may treat it differently because of internal rules but you argue with them if you have to.

    I'm in a similar situation and am mortgage approved with KBC.

    Given the deposit ypu mention, bear in mind that for the portion of the property value above 220k you still need a 20% deposit.


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