first time buyer do we qualify??

M

mave

Registered User
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hi everyone
new to this and could really do with advise please, we are currantely house hunting and applying for a mortgage i;m a first time buyer and my bf isnt so do we still qualify for first ime buyer rate??? banks aren't been too helpful as bf has a mortgage finding it very hard to get approved. :(
Anyone else been in this situation or has any advise would be grateful.
 
Hi there

if your b/f isn't a first time buyer and contributes at all to the mortgage (or deposit etc) then you don't qualify for FTB status. This is in relation to stamp duty. For Tax Relief at Source, you can qualify for the portion of the mortgage that you pay at the higher rate.

Sprite
 
WaterSprite said:
Hi there

if your b/f isn't a first time buyer and contributes at all to the mortgage (or deposit etc) then you don't qualify for FTB status. This is in relation to stamp duty. For Tax Relief at Source, you can qualify for the portion of the mortgage that you pay at the higher rate.

Sprite
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hi he doesnt pay anything to his mortgage its been rented paying for itself basically he's nothing to do with it except his name is on the mortgage??
 
I mean, if he pays anything towards your mortgage - i.e. the mortgage on the new house, then you don't qualify as FTBs for the new house.
 
Hi mave

You have raised a very good point. We are currently in a similar situation. The stamp duty isn't the real problem, it is mortgage approval we want. Currently we are both in steady jobs with good savings but one of us has a previous apartment(currently rented paying off the mortgage - unable to live in apartment due to job situation).

We are trying to see is there a way that the we combine savings to the non-first time buyer and apply for a mortgage solely. Then the non-first time buyer would pay the mortgage while the other half would pay for the other stuff(bills? if this can be done).

I would appreciate any feedback with this.
 
Hi Dinny

I'm afraid that plan wouldn't work - if the non-FTB contributes anything to the mortgage (regardless of whether they are on the deed of the mortgage or not), then you can't qualify as an FTB for stamp duty purposes.

Sprite
 
Thanks sprite

How does that work then for people renting a room? Also if we planned to marry in the near future, could it not be the case what i owns is his and what he owns is mine?

As i said before it is not the case of trying not to pay stamp duty it is more for mortgage approval. At the moment one of us owns an apartment of 140K mortgage on apartment paying for itself by being rented. We currently have 45K savings and counting. House we are looking at is to pay 200K
 
we have both a good deposit to put down more then the banks requests. both in good full time pernament jobs.but have been declined from a well known irish bank which we thought would be no problem but it came back after 8 days of us running around in circles saying because my bf had a mortgage we cant give you one is it gonna be like that with every bank??
sorry water spirite red you thread wrong thought you meant his house.
saying that we have friends that got ftb rate even though one had a mortgage already i dont no is it because of the Big R that the banks are been more careful???
 
Hi again Maeve

Yeah i'm dying to hear back to see if this is to do with the though times and might get better sometime this year? If they are giving out mortgages still for 300K +, It would not make sense when someone has mortgage of (140K currently paying for itself) and now lis looking for 160K as we have the rest. We have done the figures that we could cover everything if the apartment wasn't rented or one of us was out of work.

We have yet to apply as we are keep saving, waiting for house prices to still fall. Also in the few months we are going to do some one on clearing our car loans. Nothing much outstanding.
 
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