First time buyers - two mortgages

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prinzenrolle

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Hello, apologies if there is a thread similar to this already.

So here is the situation.
Firstly, I am 24, and am in full-time permanent HSE post. I have no loans, only have small amount on credit card to pay off (1000). I have 250 a month rent. I have no property at the present. I am thinking about buying a property with the intention of renting a couple of the rooms out, but would apply for a owner-occupier mortgage.

My salary is 41,000 gross p/a (2200 net monthly), and increases by about 1000 yearly. My savings - 18000 via direct debit savings. I want a mortgage for approx 150000 (max).

Secondly, my boyfriend, 28, is in full time permanent employment. He has a loan, which will be paid back by middle of next year. He will have approx 25000 (10000 given by his family, 10000 savings of his own, 5000 from myself).

We were thinking of applying for two mortgages as FTB. Then we would move into one of the houses together and rent out the other house to tenants.

What are the chances of the two of us securing mortgages - me within the next 8-10 months. And my boyfriend in the next 12-18 months.

Thanks for any input, and excuse my ignorance in this department!
 
once you move out of your house you will loose your FTB status. You could try it and say nothing, but you could have issues with the PRTB, Revenue, your mortgage company, insurance company, etc
 
thanks for the response JohnJay.
If I reported it to the bank that I will be moving out, what changes will that make? Would the mortgage be changed to an investor mortgage.

Also, in your opinion what are the chances of us both securing mortgages?

Thanks again.
 
prinzenrolle said:
Hello, apologies if there is a thread similar to this already.

So here is the situation.
Firstly, I am 24, and am in full-time permanent HSE post. I have no loans, only have small amount on credit card to pay off (1000). I have 250 a month rent. I have no property at the present. I am thinking about buying a property with the intention of renting a couple of the rooms out, but would apply for a owner-occupier mortgage.

My salary is 41,000 gross p/a (2200 net monthly), and increases by about 1000 yearly. My savings - 18000 via direct debit savings. I want a mortgage for approx 150000 (max).

Secondly, my boyfriend, 28, is in full time permanent employment. He has a loan, which will be paid back by middle of next year. He will have approx 25000 (10000 given by his family, 10000 savings of his own, 5000 from myself).

We were thinking of applying for two mortgages as FTB. Then we would move into one of the houses together and rent out the other house to tenants.

What are the chances of the two of us securing mortgages - me within the next 8-10 months. And my boyfriend in the next 12-18 months.

Thanks for any input, and excuse my ignorance in this department!
Click to expand...

I think you would be crazy both to buy houses. This was typical celtic tiger stuff. You are both young, one house for now is enough. Save later if you want to buy an additional house in your 40's. You should be enjoying life rather than having two mortgages.

When you mean full time permanent employment, is it really permanent?

What about kids in the future etc, putting them through school and college.

Where would you be buying and would it be easily rented. Do you really want to become a landlord at 24.
 
Do not buy a house with your boyfriend, this site is littered with those mistakes.

It's easier to purchase a house as a FTB, civil servants are grade A+ to banks. You've more than a 10% deposit. Good. I'd save some more, enough for stamp duty, legal fees, furniture etc. As you then intend it to become an investment your bank will increase the mortgage rate. They're being very careful about this in your contracts. So factor in an investment rate to banks. Now the bad bit, being a landlord is not easy, you must be careful as to location and buy what suits renting, which is not necessarily the same as what an ordinary home owner is looking for. Taxes are going up. You need a high yield to counteract that. Post up figures of what you're looking at and others might give you some more advice. Please look at the landlord threads on here and on Irishlandlords.com.
 
thanks very much for that advice, I have had a look that website the landlord threads - some useful info there.
 
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