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Am I a first time buyer?

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  • 18-01-2017 10:58pm
    #1
    need-it
    Registered Users Posts: 49 ✭


    If I bought an apartment with cash a few years ago (no bank) and sold it....

    Now i'm going to the bank for a small mortgage.

    Am I a first time buyer? I'm not sure if the definition of a first time buyer is "first time owning a property" or "first time applying for a loan to purchase a property"


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    need-it wrote: »
    If I bought an apartment with cash a few years ago (no bank) and sold it....

    Now i'm going to the bank for a small mortgage.

    Am I a first time buyer? I'm not sure if the definition of a first time buyer is "first time owning a property" or "first time applying for a loan to purchase a property"

    Yes in mortgage terms but not in first time buyer incentive terms afaik


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    #3
    lawred2
    Registered Users Posts: 24,389 ✭✭✭✭lawred2


    need-it wrote: »
    If I bought an apartment with cash a few years ago (no bank) and sold it....

    Now i'm going to the bank for a small mortgage.

    Am I a first time buyer? I'm not sure if the definition of a first time buyer is "first time owning a property" or "first time applying for a loan to purchase a property"

    You previously owned so no you're not a first time buyer


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    #4
    need-it
    Registered Users Posts: 49 ✭need-it


    athtrasna wrote: »
    Yes in mortgage terms but not in first time buyer incentive terms afaik

    Thank you. I'm only interested from a mortgage application POV


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    #5
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    need-it wrote: »
    Thank you. I'm only interested from a mortgage application POV

    So you are not looking to get the new tax rebate, but rather to pay a FTB deposit of 10% rather than 20 as a second time owner?


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    #6
    Ayuntamiento
    Registered Users Posts: 346 ✭✭Ayuntamiento


    You've never held a mortgage before so you're a first time buyer in terms of the % deposit required by the bank.


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    #7
    BigPineapple
    Registered Users Posts: 21 ✭BigPineapple


    This is an interesting question. What if you were gifted a fully paid for house from your parents (disregarding CGT for the moment)?

    Does that count as First Time Buyer from the perspective of (1) Mortgage application [Seems like it is] and (2) Help To Buy?


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