Another dumb FTB question

leaba

Registered User
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16
My husband and I are returning to Ireland next year after having lived abroad for several years. We own property here so I know we will not be considered FTBs by Revenue standards. However I'm wondering if we will qualify for a FTB mortgage, as this will be our first time having a mortgage with an Irish bank? It seems like there are quite a few incentives offered mortgage-wise if you are FTBs.
 
I think you may have answered your own question.

If you're not considered FTBs you cannot avail of FTB mortgage benefits.

ONQ.
 
Hi, the main advantage to FTBs is not having to pay stamp duty. From a mortgage perspective there are very few differences between a FTB mortgage and a second time buyer (STB) mortgage. For example 92% mortgages are the current max for both FTB & STB. Sometimes you might get a €1,000 cashback as a FTB but usually you'll find the rate wont be as good as you could get elsewhere.
 
I'm not sure that it's as clear cut as that. I think that Revenue will classify your first mortgage here as a FTB mortgage and allow you mortgage interest relief on that basis. After all you have not claimed mortgage interest relief here previously.
I don't see why banks wouldn't offer you a FTB mortgage either.
On the question of stamp duty and to stay on the right side of the law there - you would not be seen as a FTB as you own property abroad.
Your best bet is to look at revenue.ie and contact the revenue by phone for definitive answers.
 
Terms such as "FTB mortgage" are only advertising terms. The reality is that, after reviewing your finances, the bank will offer you a rate that they think reflects their risks. I would have thought that a first time buyer who's borrowing for all or the majority of the value of the house would be a much higher risk than an existing homeowner who has some equity built up & so a FTB would pay a higher mortgage premium for the same amount of borrowings.
 
Thanks for all of the excellent advice! I was getting confused by the banks' advertising of FTB mortgages and thought they had more advantages than they do. Marg, I think you are right about us being classified as FTBs for mortgage relief, but not for stamp duty.
 
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