Schemes supports for technically not a 1st time Buyer

lbj666 · 04-11-2023 5:31pm #1

Hi Guys,

i am looking to buy at the minute but its seems i am not technically a first time buyer because i have inherited my parents house (while they retain right of residence til they pass) but i have no intent to make it my primary place of residence for 10 years at least. Banks say its 3.5 my salary i can take out but I could be eligible for an exemption it might not be a big deal if not cause i there is only so much i want to repay each month.

I dont know where this leaves my it seems that I still might be eligible for Help to Buy but i cant find anything for definite. For first home scheme it seems like i am out.

Are there any other schemes that might be out there?

Does any one know anymore or is really a broker/advisor solicitor that will tell me.

herbalplants · 04-11-2023 7:40pm

https://www.boards.ie/discussion/2058321068/schemes-supports-for-technically-not-a-1st-time-buyer

You are technically still first time buyer as you never held a mortgage. You are inheriting a house and your parents still live in it

C3PO · 04-11-2023 8:43pm

https://www.boards.ie/discussion/comment/121325400#Comment_121325400

Maybe I’m reading the OP wrong but I think he already owns the house his parents live in.

Allinall · 04-11-2023 8:51pm

https://www.boards.ie/discussion/comment/121325708#Comment_121325708

That’s irrelevant, as they didn’t buy it. Hence, they’re a first time buyer.

lbj666 · 04-11-2023 9:03pm

So ya they used own the place but have right of residence in the terms of the deed when transfered over to me ie. I now own it. I have never taken out a morgage.

It's seems clear that first home scheme is out as I have an interest in another property.

Help to buy says I am not precluded so presume I'm still good for that.

Banks are saying I am not technically a first time buyer although exemption route is probably doable.

Is there any other scheme I am missed besides derelict grants and other home improvements.

Victor · 05-11-2023 12:42am

https://www.boards.ie/discussion/comment/121325739#Comment_121325739

Technically they might never have bought, but this thread is about support schemes, many of which exclude people that already own a property.

sportsfan90 · 05-11-2023 10:01am

https://www.boards.ie/discussion/comment/121325400#Comment_121325400

This is also my understanding. In fact it's a poorly-phrased term in my opinion, as somebody could have bought multiple properties as a cash buyer, but is still be considered a first time buyer if they've never had any loans against them.

Buddy Bubs · 05-11-2023 10:04am

I don't think either of you are correct there. I don't think a mortgage has anything to do with anything

Marcusm · 05-11-2023 4:02pm

https://www.boards.ie/discussion/comment/121325739#Comment_121325739

Nope that’s not the reason, the reason is because they have not previously had a mortgage loan. The definition is set out in an SI issued under the authority of s48 of the Central Bank (Supervision & Enforcement) Act 2013. It’s a stupid definition as one could have owned 100

properties but provided none has been the subject of a mortgage loan, the person is categorised as a FTB. It really should be a “first-time mortgagor” definition.

lbj666 · 05-11-2023 9:30pm

https://www.boards.ie/discussion/comment/121328121#Comment_121328121

Ok so I have approval in principle of 3.5 X salary ..presume the bank would not commit to more until they do the thorough look through of everything. But I should get 4.0 (if I really want to) not needing exemption have I understood that right?

knucklehead6 · 05-11-2023 9:40pm

have your parents signed the house over to you or are you just guaranteed to inherit it and take ownership after they both pass away?

Higgins5473 · 05-11-2023 9:48pm

https://www.boards.ie/discussion/comment/121325739#Comment_121325739

This is correct.

My wife inherited her parents home along with her siblings, they all sold the house. I was a FTB and we made thorough checks both with revenue and solicitors that all was above board in availing of FTB scheme. OP is still a first time buyer and can avail of any of the schemes benefits.