Second Mortgage

dar100

Hi Just looking for some general information.

I've recently purchased a house (2 years ago). Since then my circumstances have changed, somewhat. I am now going to start saving with my new partner to buy a second home together, will take a number of yea's to get deposit together. I'm not going to sell the house I presently have, what way will this affect us. Will we lose the first time buyer rules?

anything else I should know that will be helpful, anyway to use my present house to my advantage etc?

Cheers

Michael D Not Higgins

The Revenue definition allows certain conditions where following separation/divorce and there's no longer any interest in the former marital home, that you can still be considered a first time buyer.
http://www.revenue.ie/en/tax/stamp-duty/certificates/first-time-buyer.html

However, the definition in the central bank rules says " a borrower to whom no housing loan has ever before been advanced".
https://www.centralbank.ie/press-area/press-releases/Documents/CB%20S+E%20Act%202013%20S48%20-Housing%20Loan%20Rqmts-Regs2015.pdf

However, again, the central bank information says this definition is aligned with Revenue's definition.
https://www.centralbank.ie/press-area/press-releases/Documents/FAQ%20%E2%80%93%20New%20regulations%20on%20residential%20mortgage%20lending.pdf

I have not heard a clarification on whether Revenue's exemptions are applicable and it would be worth speaking to a bank if you think you fall into the definitions in Revenue's eyes.