first time buyer question

K

koons

Guest
hi,
i just have a query about buying a house. I currenty paying mortgage on a house for the past 4 years now and i'm looking to sell and buy another house. but this time when i sell the house i will adding my wife to be onto the mortgage so we both own the next home. we will be switching mortgage companies more than likely but i was just wondering if we would be classed first time buyers or would me having had a mortgage before put us in the category for paying stamp duty?
 
You would not be classed as 1st time buyers due to the fact that you have already owned a property.

The only way to avoid the stamp duty would be to purchase the property in your wife's name (as she IS a 1st time buyer). The mortgage would then need to arranged in joint names (assuming you need both salaries to qualify for the amount required). You would need the lender to accept the application with both on the mortgage, but just your wife on the title.

If you wifes salary is sufficient to qualify for the mortgage required, then she could purchase the house, and draw the mortgage. This would avoid the stamp duty as she is a classed as a 1st time buyer.
 

Don't think that this is a legal way for a married couple to avoid SD.
 
no lender will allow 2 on mortgage and 1 on title if it is for the purpose of tax avoidance, also most lenders will insist that as you are married that both will have to go on the mortgage, so i cannot see how you could proceed with a mortgage in her name only
 
Even if it was possible I don't think that it's a legitimate tax avoidance strategy. Get professional advice if in doubt. At least ask your solicitor.
 
One way to go is to buy new (either <125sqm or chargeable consideration <€125k) if you don't want/can't pay SD.
 
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