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Buying my second house in the Republic of Ireland. I bought my first house in the Nor

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  • 29-10-2016 7:56pm
    #1
    emma537
    Registered Users Posts: 1 ✭


    Hello. My boyfriend and I are planning on buying a house in the new year in the Replublic of Ireland (Cavan). It will be my first time to buy a house. He has all ready bought a house in the North of Ireland (which he is currently renting)
    We are very new to this and would appreciate any advice.
    As he owns a house all ready will we have to pay the 20% deposit?


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,682 ✭✭✭✭Atlantic Dawn
    M


    As far as I know you will need the 20% deposit. If the house he already owns was within ROI that could have been used as security but with it being outside the state it's highly unlikely any bank will take it as security.


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    #3
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    You're still a first time buyer under the central bank rules if you have not had a mortgage. If your boyfriend inherited the house he would still be a first time buyer, otherwise the 20% deposit will apply.


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    #4
    con1982
    Registered Users Posts: 515 ✭✭✭con1982


    The central bank and Revenue have different definitions of First Time Buyer. You don't need 20% deposit but you won't be eligible for the 5% rebate from Revenue


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