first time buyer or not

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bankloads

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As a married couple can my wife use the equity in our house which is in my name to buy a property in her name? If so, can she claim to be a first time buyer?
 
Don't know the answer to that one but you might try using the search facility - there's loads of discussions on issues like this one.

Also, surely your wife will still be living with you i.e. in the family home even if she buys a property in her name?

In which case the family home will be her PPR and she'll be hit for investor rates of Stamp Duty on any property she buys.
 
A married couple can only have a single joint PPR so any property she buys will be an investment property unless you both move into it as your new PPR and so the FTB/non FTB issue may be moot.
 
Thanks Sherman, yes thankfully we are still together. Are investor rates of the Stamp Duty different to normal stamp duty?.
 
See . New houses under 125sqm are exempt from SD for owner occupiers (FTBs and non FTBs). Different rates apply to FTB and non FTB owner occupier buyers of second hand houses (e.g. FTB's exempt up to €317,500). Investors pay the same rates as non FTB buyers of second hand properties even on new properties otherwise exempt for owner occupiers.
 
I think then there is no point in trying to put my wife foward to use the equity in the house to buy a investment property.
 
bankloads said:
I think then there is no point in trying to put my wife foward to use the equity in the house to buy a investment property.
Click to expand...

I must be going mad. I speed-read this post as "there is no point in trying to use the equity in my wife to buy an investment property". Indeed not! :p
 
Before you ditch the idea I think Clubman has something that you need to consider:

If you bought the original place and that is a matter of fact, then it is possible that your wife could qualify as a 'first time buyer' for stanp duty.

Instead of using the new place as the rental opportunity, you would occupy that house as PPR.

Again, sometimes folk dont give us all the information necessary, so this assumes that if you did buy the house that there is no clawback.

Hope that helps
 
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