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Lose first time buyer status

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  • 18-03-2018 8:45pm
    #1
    bri007
    Registered Users Posts: 1,375 ✭✭✭


    Hi, wonder could someone share some light on out situation.

    We are currently saving for a mortgage at present,myself and my partner are first time buyers. However,my girlfriend has just found out that she may be left a small cottage by her aunt which is on Northern Ireland. If this is the case, will she lose her first time buyer Status when we both go for a mortgage in the republic? Her aunts house is in Belfast.

    I appreciate any assistance you can give us

    Thanks


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    #2
    Michellenman
    Registered Users Posts: 11,195 ✭✭✭✭Michellenman


    bri007 wrote: »
    Hi, wonder could someone share some light on out situation.

    We are currently saving for a mortgage at present,myself and my partner are first time buyers. However,my girlfriend has just found out that she may be left a small cottage by her aunt which is on Northern Ireland. If this is the case, will she lose her first time buyer Status when we both go for a mortgage in the republic? Her aunts house is in Belfast.

    I appreciate any assistance you can give us

    Thanks

    We were in same situation. We were considered first time buyers by the bank so only needed 10% deposit but not by revenue so we didn't qualify for first time buyers programme unfortunately.


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    #3
    doolox
    Closed Accounts Posts: 2,350 ✭✭✭doolox


    ....it might be worth your while to try and stop the bequest if the aunt is still alive and in a position to alter her will.

    I see broken down shells in Leitrim or Roscommon going for 25k.

    Would the grant or program give you more than that??

    I would also seek legal advice on the definition of first time buyer since you have not actually bought the cottage but have acquired it without money changing hands.

    On the other hand if the cottage is in a touristy part of NI it could be valuable enough for you not to need assistance, but the timing is not optimal.


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    #4
    izzyflusky
    Registered Users Posts: 427 ✭✭izzyflusky


    Would it count at all? I know people with property in other countries in Europe and they were considered first time buyers by all means.
    I remembered being asked when applying for a mortgage if I owned a property in Ireland, nothing for the HTB though.


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    #5
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    Thanks for the reply,

    So say for instance we want to buy a house for €380k in dublin, and my girlfriend has that cottage in Northern Ireland, do we have to pay revenue an extra tax for having a second house?

    I've been looking up online and I'm totally confused.

    Thanks

    Michellenman wrote: »
    bri007 wrote: »
    Hi, wonder could someone share some light on out situation.

    We are currently saving for a mortgage at present,myself and my partner are first time buyers. However,my girlfriend has just found out that she may be left a small cottage by her aunt which is on Northern Ireland. If this is the case, will she lose her first time buyer Status when we both go for a mortgage in the republic? Her aunts house is in Belfast.

    I appreciate any assistance you can give us

    Thanks

    We were in same situation. We were considered first time buyers by the bank so only needed 10% deposit but not by revenue so we didn't qualify for first time buyers programme unfortunately.


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    #6
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    Yeah I was thinking that myself, it seems the banks are ok with it from what my research online is telling me, however the issue could be revenue, anyone have an idea if there is an extra tax when purchasing another house?

    Nothing on revenue.ie about it

    Thanks
    izzyflusky wrote: »
    Would it count at all? I know people with property in other countries in Europe and they were considered first time buyers by all means.
    I remembered being asked when applying for a mortgage if I owned a property in Ireland, nothing for the HTB though.


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    #7
    Marcusm
    Registered Users Posts: 10,325 ✭✭✭✭Marcusm


    bri007 wrote: »
    Hi, wonder could someone share some light on out situation.

    We are currently saving for a mortgage at present,myself and my partner are first time buyers. However,my girlfriend has just found out that she may be left a small cottage by her aunt which is on Northern Ireland. If this is the case, will she lose her first time buyer Status when we both go for a mortgage in the republic? Her aunts house is in Belfast.

    I appreciate any assistance you can give us

    Thanks

    Is your issue about Central Bank deposit requirements or the Help to Buy Scheme. If it is about deposit limits then inherited property is not an issuer; first-time buyer status is determined on whether the person has previously had a housing loan. For the help to buy scheme, prior ownership of property anywhere is the exclusion.


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    #8
    Michellenman
    Registered Users Posts: 11,195 ✭✭✭✭Michellenman


    bri007 wrote: »
    Thanks for the reply,

    So say for instance we want to buy a house for €380k in dublin, and my girlfriend has that cottage in Northern Ireland, do we have to pay revenue an extra tax for having a second house?

    I've been looking up online and I'm totally confused.

    Thanks


    I can't help there unfortunately. The house left to himself was sold before we even started the mortgage approval process.


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