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Are you a first time buyer as long as you never get a mortgage?

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  • 07-04-2021 2:52pm
    #1
    Snakeweasel
    Registered Users Posts: 573 ✭✭✭


    Sort of a hypothetical question as I plan on getting a mortgage if possible.

    But if you get a property without a mortgage (inheritance, gift, etc) would you qualify as first time buyer if you decided to move and buy a different property, or would you need to have a 20% deposit saved?


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    #2
    Ronney
    Registered Users Posts: 845 ✭✭✭Ronney


    Have a read below,

    In theory you are still a first time buyer.

    In practice if you are selling and moving 10% deposit shouldn't be an issue as you have proceeds from 1st house.

    If you are buying a second house not to live in the 20% required.

    If you are keeping the original and buying a new to live in have a read up on Capital Gains Tax


    https://mmpi.ie/mortgages/articles/am-i-a-first-time-buyer/

    https://www.revenue.ie/en/property/help-to-buy-incentive/who-can-claim-the-help-to-buy-htb.aspx


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    #3
    TattooedLady
    Registered Users Posts: 38 ✭TattooedLady


    Snakeweasel wrote: »
    Sort of a hypothetical question as I plan on getting a mortgage if possible.

    But if you get a property without a mortgage (inheritance, gift, etc) would you qualify as first time buyer if you decided to move and buy a different property, or would you need to have a 20% deposit saved?

    We are currently doing this. Husband owns a house that his dad put money towards, never had a mortgage. For deposit reasons he's classed as a first time buyer but because he owns a home help to buy and all can't be used.


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