First Time Buyer Status

Skuxx

Hi All,

Quick question. Myself and my wife are hoping to apply for a mortgage in the near future. We have a deposit saved. My question is regarding our first time buyer status and 10/20% deposit.
My wife owns a property. It is owned outright and never had a mortgage. I have spoken to 3 different banks and a mortgage broker.
The broker and 1 bank told me because we have a property then we would not qualify as first time buyers.
2 other banks have said that as we never had a mortgage then we would qualify for 90% loan to value as first time buyer.

Is there a central bank regulation about this or can the banks have their own policies about it?

Thanks

Wheety

She's a first time buyer.

7. 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.
This definition of FTB is aligned to the Revenue definition. The flexibility given by the proportionate
limits is in place to allow lenders to make decisions based on an individual borrower’s circumstances
up to a specific limit.

https://www.centralbank.ie/docs/default-source/news-and-media/press-releases/faq---new-regulations-on-residential-mortgage-lending.pdf?sfvrsn=2

The broker should know this. It's literally their business to know it. And the banks too obviously.

Skuxx

Wheety wrote: »

She's a first time buyer.



https://www.centralbank.ie/docs/default-source/news-and-media/press-releases/faq---new-regulations-on-residential-mortgage-lending.pdf?sfvrsn=2

The broker should know this. It's literally their business to know it. And the banks too obviously.

Great, thanks! I appreciate it!