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Mortgage advice - Own Property Abroad, Would like to qualify as FTBer

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  • 12-06-2019 8:21pm
    #1
    jonson1
    Registered Users Posts: 4 ✭


    Hello,

    I need some advice if possible.
    I own a property in the UK which I have a mortgage on,
    I moved to Ireland last year, have an irish passport and a permanent job. My partner has lived here her whole life and is also in a permanent job.

    We both have well paid jobs and can provide 6 month payslips/bank statements etc to back this up.

    We are looking for a mortgage using the help to buy scheme. <SNIP> i'm not a first time buyer and i won't be eligible for a 10% deposit but a 20%.

    Does anyone know any ways round this?

    Thanks,

    Jon


Comments

  • Options
    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    keep any suggestions legal please folks.


  • Options
    #3
    lawred2
    Registered Users Posts: 24,380 ✭✭✭✭lawred2


    Two friends of mine were upfront about previous purchases and have gotten exemptions from the 20% requirement

    If both your incomes are strong by Irish standards you could easily be the same.

    Otherwise you run the risk of the mortgage being scuppered when your solicitor seeks drawdown of funds to complete purchase.. Not sure what happens after drawdown ...


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    #4
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    What are you currently doing with the UK house?


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    #5
    lawred2
    Registered Users Posts: 24,380 ✭✭✭✭lawred2


    oh the help to buy scheme... I wouldn't be going into that trying to pull a fast one personally. However that's separate from the 20% deposit requirement from the central bank


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    #6
    skippy123!
    Registered Users Posts: 60 ✭✭skippy123!


    I don't think it really matters if you own the property somewhere else. You are in Ireland and paying here taxes. Logically looking - help to buy is "assistance" from the state to buy yourself a home in a country you live and pay taxes. From your taxes that "pay relief" is coming from. Not a lawyer at any point but that is how I look at it.


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    #7
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    The assistance is for first time buyers and the OP isn't a first time buyer.


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    #8
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    skippy123! wrote: »
    I don't think it really matters if you own the property somewhere else. You are in Ireland and paying here taxes.

    It does. They are specified barred from qualifying for the HTB by Revenue.

    @OP your partner qualifies on her own, she can buy on her own.


  • Options
    #9
    jonson1
    Registered Users Posts: 4 ✭jonson1


    Glass fused light wrote: »
    What are you currently doing with the UK house?

    The UK property is being rented out.


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    #10
    jonson1
    Registered Users Posts: 4 ✭jonson1


    lawred2 wrote: »
    Two friends of mine were upfront about previous purchases and have gotten exemptions from the 20% requirement

    If both your incomes are strong by Irish standards you could easily be the same.

    Otherwise you run the risk of the mortgage being scuppered when your solicitor seeks drawdown of funds to complete purchase.. Not sure what happens after drawdown ...

    Thanks, I just spoke to BoI who came into our offices, they said they can get the 20% bought down to 10%.


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    #11
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    jonson1 wrote: »
    The UK property is being rented out.


    You need to be tax compliant to qualify for the help to buy gov scheme.
    You are resident for tax purposes and UK rental income earned (remitted or not*) is subject to the self filing and payment obligation. Attempting to 'hide' the property by not filing tax returns is a criminal offence of tax evasion.

    * Open to correction on this.


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