Do I qualify as a FTB

J

Just_Joe

Guest
Having spent all day searching through the countless threads of FTB's and stamp duty I am even more confused then i was this morning!

Here is my predicament.

I bought a house last year with a friend of mine, a 50-50 split on ownership/mortgage, and we were owner/occupiers. The house was brand new therefore we were'nt subject to paying stamp duty.

I now intend to sell and buy elsewhere with my girlfriend. The house will most likely be second hand, somewhere in the region of 340k-400k

My girlfriend has never bought before, thus she has FTB status but do I (or We) qualify as FTB's as a unit?

Basically what I want to know is do "we" qualify as ftb's when it comes to applying for a 100% mortgage or paying stamp duty.
 

will you not have profit from the first house to use as your 8% ?
 
Not really, we should make about €30000 on the house, but when you spilt that in two (2 owners) and pay off the loan I borrowed to furnish the house, pay legal fee's etc. I'd have an 8% deposit .. for a garden shed maybe!
 
Just_Joe said:
Not really, we should make about €30000 on the house, but when you spilt that in two (2 owners) and pay off the loan I borrowed to furnish the house, pay legal fee's etc. I'd have an 8% deposit .. for a garden shed maybe!
Click to expand...

I know you wouldn't be a FTB in the eyes of the government , but I don't know if the bank uses the same criteria...
 
JustJoe: I know the Revenue site is not very good at identifying precise information but this is what they say:
REVENUE VIEW:
Who is a first time buyer?

A first time buyer is a person, (or, where there is more than one buyer, each of such persons):

who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and

where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and

where no rent, other than rent under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.

ENDS

I dont know if there are 'transtion' arrangements if you are going from one to another, but from what you say, you dont qualify. Your g/f seemingly does. If you married the girl matters would be straight forward, but if both are on title or the other is making payments you have a problem i.e two on title means neither are FTB because you are not.
 
Thanks Wizard... that was pretty much my understanding of it too.
 
as already clarified above you are not a FTB from the Revenue's point of view, that will also be the stance from the lenders point of view - so the 100% mortgage would not be offered to you, the ICB (credit bureau) holds information on all existing mortgage holders whether the loan is cleared/redeemed from a sale so they would be aware when a new application is made and the credit check carried out that you are not a FTB
 


someone i know in the same position has managed to only pay the ftb stamp duty rate even though their partner has previosuly owned somewehre
 
Foxylady - its not clear from your post the basis upon which stamp duty at ftb rate was paid in those circumstances - do you know? Could you clarify?

mf
 
mf1 said:
Foxylady - its not clear from your post the basis upon which stamp duty at ftb rate was paid in those circumstances - do you know? Could you clarify?

mf
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well the couple who bought the house priced at 340k were charged 3% which is the rate for ftbs as opposed to i think 5 or 6 for second time purchasers
 
Just on the what they were charged........

Stamp duty is a self assessment tax so if they were both on the title then they should have paid the full rate of stamp duty. So perhaps they were not both on the title or else they may have made a mistake about their status as purchasers in which case they should seek to rectify it by paying the correct amount. If its due, its due and it may never be found out or else it will come out and there will be significant penalties to be paid

mf
 
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