Do I lose first time buyer status?

D

dohertybhoy1

Guest
Hi,

I'm in Ireland, and my sister wants me to help her out with her mortgage application as she works in the North and is looking to buy in the South, and the banks are being a bit awkward! I currently work in Dublin.

The main point here is that the property is less than €125k and exempt from stamp duty anyway....

It is a new property which she would live in - my input would literally be helping her secure the mortgage, she would repay it in full, etc.

I do not particularly want to get involved if I would lose my first time buyer status in case I were to buy a more expensive property elsewhere in a few years time....

So basically, do I have no choice but to lose first time buyer status if I go in with her?

Any help/guidance would be greatly appreciated....

I read the first time buyer description on the revenue website, and it gives 3 indicators that you're a FTB, however it says "and" after each one....

I fulfil the first criteria, but neither the second nor the third....

Thanks guys,

Ps this is my first post.... :D
 
In the application form for the mortgage I would be filling it in under the "joint applicant" section

I agree with what you're saying regarding the criteria, that's what threw me a bit....

Ideally I would go in as guarantor, however I'm not sure how much weight that holds with banks these days? It is definitely something I would want to look into tho....if I rang the Revenue and they gave me an answer would that hold any weight if they tried to screw me out of FTB status in a few years?

My sister has the deposit etc, so I'm just looking to help her out as the banks are being so tight these days.
 
As I understand you will be not be FTB if you do this. Just call the Revenue TRS section and explain your situation to be sure.
 
If you go in with her as a joint applicant you'll have bought your first home and you become a ftb. You won't get any exemption from stampo duty when you go off to buy your own property. Best advice .... don't do it.

And secondly, there are so many horror stories of people going into house buying partnership together and it going badly wrong out there .... you don't even have to travel far beyond the AAM forum itself to read about them.

Research well before you sign anything.
 
You must log in or register to reply here.
Back
Top