Second time buyer with no primary residence

Cherrycola

Does anyone think there will ever be a change to the rules for second time buyers who don’t actually currently own a property to allow them buy a primary residence?

We are lumped in with those who are trading up or purchasing a second home for mortgage rules, 20% deposit etc, and no access to the benefits first time buyers get to purchase a primary residence.
It seems really unfair to a large group to people who have maybe lost a property during the downturn, or one person previously owned a property, but neither own a property now, and are stuck in the rental trap, and not getting any younger for mortgage application purposes.

Is there any exemptions given by the banks for these situations?

All we want is to buy a family home, a primary residence, as we can’t rent in Ireland for the rest of our lives. Imagine trying to pay current rents on a pension?!
And the instability of the rental market, we have had to move 5 times in 5 years due to the property being sold or landlord moving back in, never mind lack of supply!
We couldn’t deal with that uncertainty in our senior years.

Any other 40 somethings in the same situation?

It’s soul destroying at the moment. Paying rent and trying to save a 20% deposit is pushing our mortgage term lower and lower too by the time we’ll get to apply, because it will have to be paid back before 65

I think people mostly assume a second time buyer already has a property under their belt, but a lot of us don’t ðŸ™

Queenio

Cherrycola wrote: »

Does anyone think there will ever be a change to the rules for second time buyers who don’t actually currently own a property to allow them buy a primary residence?

We are lumped in with those who are trading up or purchasing a second home for mortgage rules, 20% deposit etc, and no access to the benefits first time buyers get to purchase a primary residence.
It seems really unfair to a large group to people who have maybe lost a property during the downturn, or one person previously owned a property, but neither own a property now, and are stuck in the rental trap, and not getting any younger for mortgage application purposes.

Is there any exemptions given by the banks for these situations?

All we want is to buy a family home, a primary residence, as we can’t rent in Ireland for the rest of our lives. Imagine trying to pay current rents on a pension?!
And the instability of the rental market, we have had to move 5 times in 5 years due to the property being sold or landlord moving back in, never mind lack of supply!
We couldn’t deal with that uncertainty in our senior years.

Any other 40 somethings in the same situation?

It’s soul destroying at the moment. Paying rent and trying to save a 20% deposit is pushing our mortgage term lower and lower too by the time we’ll get to apply, because it will have to be paid back before 65

I think people mostly assume a second time buyer already has a property under their belt, but a lot of us don’t ðŸ™

I've definitely read about loan to value exemptions from some banks which is what you would need to not have the full 20% deposit. Not applicable for me a FTB but I think it's doable. Banks aren't really giving out loan to value or loan to income exemptions for the rest of this year but it might be worth your while and sanity to speak to a mortgage advisor about it?I've no idea how it works.

Mrs OBumble

I hear ya. Am in a slightly better position in that I own overseas. But after Capital Gains tax, there's no way that selling overseas would give me the cash to buy equivalent here.

I expect to spend my retirement in a very remote, cheap to buy in town.