Definition of a first time buyer

B

brokeagain

Registered User
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Hi,

My partner purchased a house with his brother two years ago. His brother is going to buy him out now as we are going to buy a house together. I am a first time buyer but is my partner? How much mortgage interest relief is available to us if he is not?

Sorry if the above sounds silly but one mortgage advisor told us that we are considered first time buyer for up to seve years after purchase of house.
 
for TRS purposes - your FTB status lasts for 7 years from when you first purchase a property

hope that helps
Paddy
 
What if I bought a house 7 years ago in my own name, and 6 months ago got married?

If there anyway that our next house could be bought in my wife's name only?
 
RMCF said:
What if I bought a house 7 years ago in my own name, and 6 months ago got married?

If there anyway that our next house could be bought in my wife's name only?
Click to expand...

No problem at all. You just need to be able to satisfy Revenue when they audit you that your wife has not made any contributions to the purchase price, stamp duty and any mortgage repayments. Oh, and the Bank need to agree to allow one spouse to hold a family home in one name only - they don't like that.

mf
 
mf1 said:
No problem at all. You just need to be able to satisfy Revenue when they audit you that your wife has not made any contributions to the purchase price, stamp duty and any mortgage repayments. Oh, and the Bank need to agree to allow one spouse to hold a family home in one name only - they don't like that.

mf
Click to expand...

Well I should be OK then, because in all the years I have owened my house she has not paid towards any of it - at all !!!

Usually she has been working away and has always been paying rent herself, so all bills and repayments have been by me.

And since we got married she has also been renting so has not made any repayments with me.

If however she does finally move in permanently with me, how can you prove to revenue that she hasn't (or how can they check if she has) made any contributions?
 
Revenue as usual complicate things beyond belief.

That said how you legally avoid the position:

you go on title, partner stays off; Partner cannot contribute directly to purchase;

Brian Cowen himself gave the advice.
 
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