best way to get on the property ladder

[saintstephen]

Hello

I have a question from my brother and his partner,
they are mid 20s only savings are 3k in bank and ssia due next year approx 9k ,no loans, living in Galway earning last year 40k gross.
They have been paying 800euro rent for the last 18 months.
They have been to the mortgage broker they were given not much hope from her ,having no savings.
I was thinking the afordable housing scheme might suit them or maybe another social scheme.
My wife and I could go guarantor on a mortgage for them if this helps for a 100percent mortgage.

Any help would be really apprieciated

 

[ClubMan]

They have been to the mortgage broker they were given not much hope from her ,having no savings.

Have they shopped around and tried more than one broker/lender?

I was thinking the afordable housing scheme might suit them or maybe another social scheme.

Check out OASIS for info on the and schemes.

 

[SineWave]

Hi. If it's any help, the rental outgoings of €800 pm per month seem a bit heavy for two (I think?) sharing in Galway, considering they're saving for a mortgage and aiming to show ability to save.
I know people who are paying that for 4 bedroomed houses close to the city. I think reducing that might be a first move, as it is a renters market in many areas.
Hope this helps......

 

[saintstephen]

Thanks sinewave and clubman,
They have applied for the shared ownership scheme ,at least it gives them a chance of getting ON the property ladder