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Dumb question about qualifying as a First Time Buyer

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  • 26-05-2024 4:12pm
    #1
    Akrasia
    Registered Users Posts: 22,424 ✭✭✭✭


    It seems straight forward enough, if you've ever bought a house before, you're no longer a first time buyer. But then someone told me that if you had been gifted a house, or inherited one, that you can still qualify as a FTB. Is it related to the transfer of money?

    EG, if I buy a house as a BTL, and then I 'Gift' that house to my son, he's still technically a first time buyer

    But if he pays anything to buy the property off me, then he's no longer a first time buyer (even though we still need to transfer the deeds of the property one way or the other?

    Does anyone know the exact legal definition of a First Time Buyer in Ireland?



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    #2
    herbalplants
    Registered Users Posts: 1,247 ✭✭✭herbalplants


    My understanding is once he never took a mortgage loan because you gifted the house then technically he is still a FTB for future.

    Perhaps others may have a better idea.

    Living the life



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    #3
    Immaculata
    Registered Users Posts: 244 ✭✭Immaculata


    I asked a mortgage advisor in one of the building societies this question. His answer was that if you already have one property, if you got it by way of inheritance, you're still eligible for the first time buyer thing.

    I would suggest you check with the revenue before you make any decisions though.



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    #4
    Akrasia
    Registered Users Posts: 22,424 ✭✭✭✭Akrasia


    So it's possible if you took out a private loan (borrowed from family) to buy a house 'mortgage free' you might still qualify as a FTB because you never had a mortgage?



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