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First time or second time buyer ?

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  • 14-09-2017 3:21pm
    #1
    Puchelle
    Registered Users Posts: 2 ✭


    Hi all,

    Any mortgage experts out there ?

    I owned a house in the UK from 1995 until 2001 when I sold it. I am now in the process of applying for a mortgage here and AIB have told me that I am considered a second time buyer because of said house in the UK.

    I would have thought because the house was in the UK and sold over 16 years ago that it would have no impact on my status here.

    I was on to Revenue about the Help to Buy scheme (which only first time buyers can avail of) and they said for the purposes of that I AM considered a first time buyer.

    Does anyone know anything about this ?

    Thanks in advance.


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    #2
    dennyk
    Registered Users Posts: 1,702 ✭✭✭dennyk


    You may want to double-check that advice from Revenue, because as far as I understand, in order to be counted as a first-time buyer, "you must not have previously bought or built a house or apartment, either on your own or jointly with any other person," without regard as to the location of the property. The banks will definitely not consider you a first-time buyer, so you will need a 20% deposit for a mortgage as well.


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    #3
    Puchelle
    Registered Users Posts: 2 ✭Puchelle


    Thanks for the reply. Yeah pretty gutted about the 20% deposit but looks like there's nothing thst can be done about that.

    This is the reply I got from revenue:
    'If this is your first time buying a house in Ireland then you are deemed a first time buyer for the help to buy scheme'.

    So I guess if that comes through for me if/when I get to that stage, it will ease the burden of the 20% deposit.


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    #4
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    I would follow up with another bank and/or a broker.

    I had previously purchased a house but hadn't drawn down a mortgage, because it was my first mortgage I was a first time buyer under the central bank rules. It took a knowledgeable broker to tell me before I checked into it. Other brokers and banks just wrote me off as a second time buyer.

    Not sure how that might apply to international mortgages but it's worth asking the question.


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