Mortgage Application

T

twentysome

Guest
Hi,
We are in the process of filling out mortgage applications for some of the banks.
My OH inherited a property about 10 years ago, i assume this will not affect his FTB status?
He is not keen to put this property down as an asset on the form as there is no intention to sell it etc as there is alot of sentimental value attached.
If it is not put down on the application form, will it show up somewhere and come back to bite us? Any advice would be appreciated.
Thanks.
 
It's not really the same thing as 2006 though :)

There is no mortgage I presume on the inherited property so not really affecting affordability other than upkeep and taxes but potential for rental probably if needs be. Your partner is not a first time buyer from a revenue point of view as he owns a house, from the bank's point of view I doubt if it matters really unless your bank is only giving mortgages to first time buyers for some reason. I can't see that it affects your bank's decision really.
 
Thanks wbbs.
So does he lose his ftb status even though he didn't buy the other house?
Would this affect the amount the percentage the bank would give us?
I don't know what you mean by asking if it's 2006 dereko1969?
 
Actually forget the bit about ftb and revenue, it seems to be irrelevant any more, it was to do with stamp duty and trs but it has been changed as far as I can see, someone else here might confirm the position.

Regarding the percentage the bank gives it depends on whether or not they have a special offer for first time buyers, I would be inclined to argue the point with them thought, it would be discretionery on their part.
 
Thanks wbbs.
If we leave the fact that he has an inherited property off the application, will it surface somewhere down the line?
He is not generating any income from this property.
 
Sorry my rather flippant comment about 2006 was in relation to the vast number of posters on here back then who wanted to hide, mislead, deceive the banks that they were looking for mortgages from - this did not end well.

Some of those people who lied to their banks are now claiming they should never have been given the mortgages that they lied to get and are now looking for debt forgiveness that the rest of us who didn't lie will have to pay for.

I don't see why you shouldn't include the house that your partner owns, where exactly on the form is it looking for such details? Usually this only is required if there is a mortgage outstanding on the property which as it has been inherited is unlikely.
 
I think the OP wants to leave out the existing property as it might preclude them from getting any ftb special offers the bank has.

There is normally a section asking for details of any assets/savings etc, this is where it would be normally entered in.

If you don't put it in (and I'm not saying that is the right thing to do!) I seriously doubt it would come to the attention of the bank, solicitor might ask you and I don't know if there is some relevance on the legal side but even if there was I imagine that would be irrelevant to the bank.

It is more to do with qualifying for whatever ftb offerings the bank has as far as I understand.
 
Hi Derek,
There is a whole section on already owning a house on the BOI mortgage form, but this is all got to do with outstanding mortgages etc, there is nowhere on the form for him to say that he has an inherited home.
I suppose the reason we aren't keen to put it on the form is that it is not something that we have jointly, this is my husbands property and if anything (god forbid) were to happen to him, it will be left to his family, and not to me.
We both want it to stay with his family and not have it linked jointly to us if you know what i mean?
 
This is from the Revenues own website - and it clearly has in mind that you either purchased or built ...and wickedly.. if your partner did and is on title ..then you are not a FTB.

"...A First Time Buyer as defined by Section 92B, Stamp Duties Consolidation Act, 1999, 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 ..."

Does that help?
 
How can the house belong to your husband, and then if he died it would go back to his family? What law of inheritance does that come under. Does he own it or not. Whose name is on the deeds? Has he made a will and purposely willed this back into his own family somehow.
If his name is on the deeds then he owns it, and it is an asset. Then if something happens it passes to you as next of kin. That's the long and short of it, surely.
 
Her husband can leave his existing property in a will to whoever he wants, yes she could contest the will for her portion but I presume she is ok with it going back to his family and not likely to do that.
 
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