Am I a first time buyer?

M

Mona G

Registered User
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Hello,

I am hoping to sell my apartment in Poland in the next few months. This may be enough for a deposit for a property in Ireland.

So when applying for a mortgage I will no longer own a property abroad, any property at all.

Will I qualify for the lower % deposit rate for First Time Buyer?

There is also talk about a new tax-rebate scheme for First Time Buyers. Will I be considered a FTB for this?

I have read some earlier threads on FTB issue but still am not clear on this. Where can I find a clear, unambiguous definition of a First Time Buyer for various purposes it is used for?

Many thanks.

Mona
 
"Where can I find a clear, unambiguous definition of a First Time Buyer for various purposes it is used for?"

If you didn't buy your apartment but perhaps inherited it. Per Joe 90, you're probably not a First Time Buyer.

mf
 
Per the Central Bank FAQs:

"A first time buyer is defined as a borrower to whom no housing loan has ever before been advanced. Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer.

This definition of FTB is aligned to the Revenue definition."
 
Thank you all so much for your replies and help!

Yep, not a First Time Buyer after all.
 
Sarenco said:
Per the Central Bank FAQs:

"A first time buyer is defined as a borrower to whom no housing loan has ever before been advanced. Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer.

This definition of FTB is aligned to the Revenue definition."
Click to expand...

What if someone bought their property for cash?

Are they still a first time buyer for the purposes of the Central Bank rules?
 
Gordon Gekko said:
What if someone bought their property for cash?

Are they still a first time buyer for the purposes of the Central Bank rules?
Click to expand...

Yep.

The Central Bank Regulation defines a FTB as a borrower (or one of a number of joint borrowers) to whom no housing loan has ever before been advanced.

That is subtlety different from the old Revenue definition of a FTB (which was relevant for stamp duty purposes, etc) which essentially turned on whether or not a buyer had previously purchased a residential property.
 
Is there a time period?
My wife and I sold our house 7 years ago and have been renting ever since but are hoping to buy again in the near future.
I'm guessing we're not considered ftb?
 
That's news to me!
Me and OH bought a house for cash about 3 years ago in Galway. Stuck in Dublin with work and haven't been able to move back yet to it so have it rented in meantime.
Opportunity has just popped up to buy a house now (with mortgage) but I thought I'd have to stump up 20%.
According to this, I've just to scrape 10%?

Very interesting!
 
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