Sunday Times: Money Q&A: What happens when a second-time buyer and first-time buyer get a mortgage?


Mortgage advice from Trevor Grant, Chairman of the Association of Irish Mortgage Advisors (AIMA)


I bought a residential property in Ireland in 2003 and sold it two years later because I was moving to Dubai for work. I am now back and my partner and I want to buy our first home together. He has never owned a house before. Even though I am a second-time buyer, is there any way that he can be considered a first-time buyer for his half of the purchase?

For mortgage approval and lending rule purposes, a second-time buyer is someone who has previously had mortgage finance on a property. A mortgage applicant who owns a property due to inheritance, for example, but never had mortgage finance, could still be deemed a first-time buyer….