First Time Buyer

So if you are buying in another country for the first time, does that make you a FTB even if you have a mortgage where you are moving from? For example, if we buy in the ROI, are we FTBs or not? (ILUA* when talking about this)



*I Love Using Acronyms

Hiya

I'd say no. You buy a property for the first time ever that makes you a 'first time buyer or FTB' - You buy in another country, then you are EYP (Expanding Your Portfolio). TTMY (That Then Means You) cannot be a FTB by virtue of definition!

It's almost like saying your an FTB (First Time Bonk) in the USA but move to another country and you can lose yer virginity again in that country!  ha!

DtM! West London & Slough UK!

But if I am selling my house here, is that EMP or is that TMP (trading my property)? I am just wondering where I will fall on the stamp duty thing, as I have not bought property in the ROI before - and the thought occured to me that I might be a FTB there although I wouldn't be one here any longer. Which would be good, but perhaps a thought too good to be true.

As the market in the ROI is going bust, I am not sure if I should wait or move to be in time with school schedules. A friend is suggesting renting but the monthly rentals in the same area look to be more than what we'd get for our mortgage given the deposit we can put down with the sale of our current house. Who knew this would be so complicated. I am wondering if reading all the property stuff is any use, as we are not investing but buying to live in the house to be closer to work.

Hiya Stella

In that case you are on the property ladder and it'll be your second property. It's value may be the same or possibly less than your 'first time buy' property, but you will be on rung number 2 on the ladder so to speak.

Your situation is that you need a place to live. You're not looking at the purchase as 'an investment' so all the talk of price corrections etc don't really apply. You want to be comfortable, in your own place.

You should look for a place that you can afford and the extra monthly commitments that go along with it, in a location you're happy with. If it turns out in 6-12 months it's worth a little more, bonus, if it's worth less, bummer - but you'll live out the inevitable variances as it's going to be 'home' - the major worry is of course the economy and house prices dont slump to the extent you'll be in alot of negative equity which is a real pain - but looking at how the bigwigs in the Bank of England want a 'slow' gradual correction it'll be easier when/if that happens.

keep your eye on the market though, but read up more on the place you'd like to be at for the long term and your personal requirements.

Cheers! DtM! West London & Slough UK!

Thanks for the advice, Dennis. What I am aiming for is to keep the monthly mortgage cost manageable. Like you say, if the house goes up, bonus, if not, bummer, but if the mortgage is cheaper than renting and affordable on our income, that's what we'd like. I'm hoping with the market here in NI that we will do well and have a decent deposit, just read a story about it slowing down here too which I hope doesn't dent our plans!

Stella, you're moving to the ROI?

We are considering it, my husband's job means it would make more sense to do so. We would not be able to move up the property ladder here, but moving and buying down there could put us in a much nicer area which would be good for the kids and it would cut down on his commute time drastically.

Stella! (you're given me hell-a, sorry couldn't resist the Simpsons quote!)
Found this page on Irish FTBers:  http://www.finfacts.com/fincentre/firsttime.htm
It seems that even if you previous property is from abroad you are no longer a FTB.  I seem to recall that this can differ from country to country.
Interesting that Ireland still has Mortgage Interest Tax Relief.