what is a 1st time buyer??

S

Subotai

Registered User
Messages
37
Would be considered first time buyers if we bought a house next year?

I previously bought a house in 2006 and sold it in 2010.
this house was solely in my name.
My wife has never owned a house before.

If we jointly buy a house next year, would we be first time buyers?
 
No. There always seems to be a lot of confusion about this.

When buying a property ALL parties involved in the purchase must not have bought a property before to qualify for ftb status.

So if person 1 is not a first time buyer but person 2 is, then person 2 effectively loses their first time buyer status because they are buying with someone who is not a first time buyer.
 
It depends! FTB status for what purpose?
- mortgage interest relief
- stamp duty
- bank "special offers"
 
Mortgage interest relief?
There is an article in todays indo saying people in our situation may qualify as 1st time buyers for trs
 
If one of you has purchased a house in the past, then both parties buying jointly lose ftb status in relation to stamp duty preferential rates (no longer really relevant) but for mortgage interest relief, one of you qualifies for ftb rates and the other doesn't so the interest is split between you and each person qualifies for a different level of relief.
HTH
S
 
Hi,

We have property abroad (EU) and looking to buy now in Ireland. Does anyone know if we will be clasified as FTB in Ireland?
 
Jeni4ka said:
Hi,

We have property abroad (EU) and looking to buy now in Ireland. Does anyone know if we will be clasified as FTB in Ireland?
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Based on the infomation you give, no, you won't be consider as a FTB as you have already bought a house in another country. There are some exceptions which are given in the Revenue definitions [broken link removed].
 
Not sure if this is the right place to ask this, but is it possible to buy a house using one persons FTB, and then transfer the house into both peoples names?
 
Ritchi said:
Not sure if this is the right place to ask this, but is it possible to buy a house using one persons FTB, and then transfer the house into both peoples names?
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Technically, yes.

But it opens up a hornet's nest of issues - e.g. fraud on Revenue and tax implications on any subsequent transfer.

mf
 
mf1 said:
Technically, yes.

But it opens up a hornet's nest of issues - e.g. fraud on Revenue and tax implications on any subsequent transfer.

mf
Click to expand...

Thanks, yeah, was thinking it was probably not worth it.
 
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