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Do I qualify as first buyer or not?

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  • 21-03-2017 7:45pm
    #1
    melusina
    Registered Users Posts: 19 ✭


    I have purchased a small apartment 4 years ago, as an investment ( in cash ). Never lived there as it was too small for my family. It has been rented out all the time. We were also living in rented house. Now we are considering taking mortgage to buy a house for living in it ourselves. Do we qualify as first time buyers or not? Can anyone advise please?


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    #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    You don't according to this revenue link
    http://www.revenue.ie/en/tax/dirt/first-time-buyer-relief.html


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    #3
    melusina
    Registered Users Posts: 19 ✭melusina


    Thanks for the link. I did buy a property in Ireland but not to be my own residence. I understood from the article that investment properties didn't count. This is how I understood it from the article, and that's why I am not sure whether we don't qualify, although I firstly thought we were not. Am I wrong?


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    #4
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    melusina wrote: »
    Thanks for the link. I did buy a property in Ireland but not to be my own residence. I understood from the article that investment properties didn't count. This is how I understood it from the article, and that's why I am not sure whether we don't qualify, although I firstly thought we were not. Am I wrong?

    Have you bought a property? Yes you have so you are not a first time buyer any more im afraid.. rental properties count as a property purchased.


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    #5
    melusina
    Registered Users Posts: 19 ✭melusina


    I see. Thanks for your advice.


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    #6
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    melusina wrote: »
    Thanks for the link. I did buy a property in Ireland but not to be my own residence. I understood from the article that investment properties didn't count. This is how I understood it from the article, and that's why I am not sure whether we don't qualify, although I firstly thought we were not. Am I wrong?

    Then you should be fine so. Give revenue a call they can clarify it


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    #7
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    You are a first time buyer for some aspects and not for others.

    The central bank consider you a first time buyer but it appears revenue do not. So for bank related things (10% deposit etc) you should qualify but not for the first time buyers scheme run by the government.


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    #8
    melusina
    Registered Users Posts: 19 ✭melusina


    OSI wrote: »
    My reading of this is that you are entitled if you have not previously bought any property and that the property being bought under the scheme must not be for investment purposes.

    You are probably right. I misunderstood it, thought they were talking about the previously bought property. I guess I am not first time buyer then. Thanks a lot!


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    #9
    melusina
    Registered Users Posts: 19 ✭melusina


    Meadow Narrow Nutrient wrote: »
    You are a first time buyer for some aspects and not for others.

    The central bank consider you a first time buyer but it appears revenue do not. So for bank related things (10% deposit etc) you should qualify but not for the first time buyers scheme run by the government.

    Great point, too. Thanks guys.


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    #10
    GhostyMcGhost
    Registered Users Posts: 1,348 ✭✭✭GhostyMcGhost


    melusina wrote: »
    I have purchased a small apartment 4 years ago ....

    No, the rest in a non smart way is irrelevant

    Also anyone you're buying with is not considered a first time buyer if your thinking help to buy etc


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    #11
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    Unfortunately I have never seen anyone asking if they are a first time buyer or not being told they are.


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    #12
    Wheety
    Registered Users Posts: 5,510 ✭✭✭Wheety


    I presume this is the confusing bit:
    The first-time buyer must not have either individually or jointly with any other person, previously purchased or built a house or apartment.

    The property must have been purchased or built as the first-time buyer’s home. It does not include properties acquired for investment purposes.
    1. It means that you are not a first time buyer if you or your partner have previously bought.

    2. The property you're buying as a first time buyer for this deal cannot not be for investment purposes.

    They are 2 different statements and could be worded better.


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    #13
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    GhostyMcGhost wrote: »
    No, the rest in a non smart way is irrelevant

    Also anyone you're buying with is not considered a first time buyer if your thinking help to buy etc

    As I mentioned above it's not irrelavent. The fact he purchased without a mortgage does meet the first time buyer criteria as far as banks are concerned.

    From here https://www.centralbank.ie/press-area/press-releases/Documents/FAQ%20%E2%80%93%20New%20regulations%20on%20residential%20mortgage%20lending.pdf
    What is the definition of a first-time buyer (FTB)?

    A first time buyer is defined as a borrower to whom no housing loan has ever before been advanced. Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer.


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