buyingabroad
Registered User
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- 159
Hi all,
This is a tough one for me. I have read all the related threads here and on other websites including Revenue.ie. My situation is different to the other people.
Anyhow, the background is as follows:
1. Married for 10 years. Wife purchased house in her name 9 years ago. Her name only on deeds. Joint mortgage. House was our principal private residence and we claimed mortgage interest relief on income tax. Jointly contributed to the deposit when buying. Our salaries were paid into one account from which mortgage was paid.
2. Wife took career break to mind children. She had income for the last 6 years. Mortgage paid off 5 years ago.
3a. Now looking at buying another bigger house. Will not be selling the existing house. I hold all the cash for buying the new house. My income alone will be assessed for mortgage purposes. Have advised the bank that the existing house is not available for security and that any rental income from the existing house should not be considered in determining the loan amount. Wife still not earning income. She will not be contributing to deposit/equity on new house.
3b. New mortgage to be in my name only. Deeds in my name only. Will both sign waiver of protections under Family Act.
4. Will probably sell off existing house in a few years time.
Any thoughts on how Revenue would consider my FTB status?
It's very complicated
Many thanks,
B.
This is a tough one for me. I have read all the related threads here and on other websites including Revenue.ie. My situation is different to the other people.
Anyhow, the background is as follows:
1. Married for 10 years. Wife purchased house in her name 9 years ago. Her name only on deeds. Joint mortgage. House was our principal private residence and we claimed mortgage interest relief on income tax. Jointly contributed to the deposit when buying. Our salaries were paid into one account from which mortgage was paid.
2. Wife took career break to mind children. She had income for the last 6 years. Mortgage paid off 5 years ago.
3a. Now looking at buying another bigger house. Will not be selling the existing house. I hold all the cash for buying the new house. My income alone will be assessed for mortgage purposes. Have advised the bank that the existing house is not available for security and that any rental income from the existing house should not be considered in determining the loan amount. Wife still not earning income. She will not be contributing to deposit/equity on new house.
3b. New mortgage to be in my name only. Deeds in my name only. Will both sign waiver of protections under Family Act.
4. Will probably sell off existing house in a few years time.
Any thoughts on how Revenue would consider my FTB status?
It's very complicated
Many thanks,
B.