First time Buyers?

S

swgirl

Registered User
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Hi again,

Another question from me, we are in the process of buying(hopefully), we bought a house in 1995 through shared ownership with co council, we sold it in 1997. We have'nt owned a property since. Are you classed as a FTB after a period of time or am I just imagining that I saw this somewhere.

Thanks a mil

sw girl
 
No, as you've already owned a property, you cannot be classified as a FTB, even though it was ten years ago.
 
You are not a FTB for stamp duty purposes. If you are not buying a new home under 125sqm or a second hand house under €127K then SD is relevant. If you did not claim your full 7 years of owner occupier mortgage interest relief then you are still a FTB for interest relief purposes for whatever remains of that period.
 
Thanks a mil, we never claimed any mortgage relief at all on our shared ownership loan.

sw girl
 
WE were not well informed at the time, council were a disaster to deal with, eleven years ago there was'nt the same information available as there is now, sounds daft i know.

sw girl
 
Fair enough. You're probably better off claiming it these days anyway since the FTB period is now 7 instead of 5 years and the rates of relief are much higher.
 
Thanks Clubman, and all, great to be able to ask these questions and get good advice.

sw girl
 
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