| If you are a first time buyer and you are lucky enough | | | | secure sector of the job market, that is a government |
| to secure a mortgage, you are exempted from paying | | | | or semi state job. Ironically, those employed in the |
| any stamp duty on your house, whether you bought it | | | | property sector, especially construction, are the most |
| from new or second hand. | | | | likely to be refused. |
| If you have previously owned a property, even if it | | | | Currently however, some mortgage brokers are |
| was abroad, or you have built your own house in the | | | | reporting a small rise in applications and enquiries about |
| past, you will not qualify for stamp duty exemption. | | | | mortgages, as some potential buyers want to take |
| The rate of stamp duty liable for non first time buyers | | | | advantage of low interest rates and lowered property |
| purchasing second hand properties is 7 percent of the | | | | prices. In mid 2009 both Allied Irish Banks and Bank of |
| price over 125,000 euros, up to 875,000 euro and then | | | | Ireland started a willingness to provide an extra 30 |
| the stamp duty rate rises to 9 percent on any excess | | | | percent capacity for first time buyers. |
| above 1,000,00 euros. | | | | It may be that many applications for mortgages from |
| If the property is being purchased by more than one | | | | first time buyers are exploratory affairs, with first time |
| person, stamp duty exemption will not apply unless | | | | buyers checking out what the mortgages lenders will |
| each of them is a first time buyer. | | | | and won't offer them and also allowing first time |
| Lenders may take into account overtime payments | | | | buyers to get some experience of the mortgage |
| and/or bonuses, but an applicants basic salary is a | | | | process. |
| crucial factor in the mortgages lenders decision to | | | | This article is only intended as a basic general |
| grant a loan. | | | | summary and you should always seek professional |
| Also the banks and mortgage providers may be likely | | | | advice where necessary. |
| to refuse applications from anybody not in the most | | | | |