Another FTB question

Apologies if this has been asked before but if so point me in the right direction.

Ok I am not an FTB but due to the sale of my property I have a significant lump sum.

However my wife falls into the FTB category as she was not on the title deeds in the previous house. So basically she should buy, however the lump of money is in my name.

Can I "give" her the money without getting taxed and she put her name down as owner? The other issue is her salary is quite small so the amount she can get as a mortgage is small, is there anyway my salary can be taken into account her but just her be on the mortgage.

The idea being that once we get threw the 5 years or whatever interest free we re-mortgage as both?

Any ideas?

I thought you could do a loan with 1 on the title dees and 2 on mortgage deed. Most banks will facilate this. Hovever as she's your wife she owns 50% of the property under the "Family Home Protection Act". Your solicitor will avise if you can avail of 1 on title as described above.

No you cannot, a married couple have to both go on the title of their family home.

Yes she can buy the property and have it in her sole name. There is no tax on gifts between spouses so you can gift her the entire lump sum with no tax. Deeds do not have to be in joint names just because you are married. It's up to the bank to agree to give you a mortgage in both names with only her name on the deeds but they do generally will do this. You would then not own the property but would be jointly liable for the mortgage and you would have to sign acknowledgements that you understood that.


There is no problem with then transferring into your joint names at whatever stage as there is no stamp duty on transfers between spouse only. The Family Home Act doesn't mean that each spouse owns 50% of the family home, it basically just means one can't sell without the other's consent. The bank are the people you need to check with.

From Revenue

What is the position where a person, being a first time buyer, purchases a house using the proceeds of the sale of a house owned by their spouse or partner who is not a first time buyer?

Where a person who is a first time buyer uses the proceeds of the sale of the house they previously occupied which was owned solely by their spouse or partner to buy a house solely in their own name, first time buyer relief would not be available as the spouse or partner (not being a first time buyer) would be providing the purchase monies for the house.


mf