Am I a first time buyer?

Why thank you for that info rameire!!!! Just to calculate how much interest I'd be paying, i've checked the aib mortgage calculator with a view to purchasing a property worth 205000 - borrowing 188600 on a 2yr fixed rate of 2.37%, how much interest will I be paying? I've calculated myself but don't particularly trust myself with a calculator!! Obv I know the calculator is only a guide.
 
NorfBank, when I was using the calculator on the AIB website, i used it as owner occupier as I don't think the bank will consider me a FTB. Value of property - 205000, borrowing 188600, over 25 years, preffered interest rate - 2yr fixed, APR 2.37%, monthly repayments - Years 1-2 - 874, years 3 - 25 - 826. Am i missing something with the percentage rate? I know I said I didn't trust myself with a calculator but I thought I was able to fill in the details correctly!!!!!
 
You use the nominal rate (2.8%) to calculate the interest you will pay.

You only get TRS on the interest paid not the capital repayments.
 
Should I have seen that rate mentioned somewhere then? (please don't lose patience with me!)

So, to calculate 188600*2.8%, yeah?
 
:mad:...only joking.

That's correct.
I have never used the AIB calculator but the rates are here

[broken link removed]
 
The info about how TRS works in the posts above is wrong.

The changes on Budget Day weren't explained well at the time, but it became clearer when the Finance Bill was released.

I've checked this with the Revenue & it works as follows:

You can claim TRS for 7 years after buying a home to live in.

However, it no longer matters if you are a first time buyer or a second time buyer, when it comes to Mortgage Interest Relief.

If you owned a home in the past, sold it and are now buying a new one, your 7 years starts from scratch. It's scaled so you can claim it at the highest level in the earlier years living in your home.

Here's more info on it:

[broken link removed]
 
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