Hi guys,
Firstly, I hope I've put this in the right section and it hasnt been asked a million times before! I'm new to this as you can see
I'm just looking for some advice about buying a home and I thought this might be the place to go. Here's my situation:
I'm 25 years old and making just over €30,000 per annum. I dont particulary want to rent so I'm now looking at buying a second-hand home in South Dublin for about €420,000 - €480,000.
My idea is to take a joint mortgage with my parents of 90% of the house price. I figure I can in the region of €150,000 myself and I'm hoping that them being home-owners will swing the rest. Obviously they won’t be making the repayments themselves but instead I'm hoping to rent 2 of the rooms and try and cover the remainder myself.
Is this a viable option when it comes to repayments or am I getting myself in too deep?
I have no outstanding loans (thank God!) and have savings of about €20,000 which will go towards the deposit.
As the title suggest, I'm totally lost when it comes to these things. I'm only starting out and am looking for any constructive guidance that I can get.
Thanks for your time,
Lauren
Firstly, I hope I've put this in the right section and it hasnt been asked a million times before! I'm new to this as you can see
I'm just looking for some advice about buying a home and I thought this might be the place to go. Here's my situation:
I'm 25 years old and making just over €30,000 per annum. I dont particulary want to rent so I'm now looking at buying a second-hand home in South Dublin for about €420,000 - €480,000.
My idea is to take a joint mortgage with my parents of 90% of the house price. I figure I can in the region of €150,000 myself and I'm hoping that them being home-owners will swing the rest. Obviously they won’t be making the repayments themselves but instead I'm hoping to rent 2 of the rooms and try and cover the remainder myself.
Is this a viable option when it comes to repayments or am I getting myself in too deep?
I have no outstanding loans (thank God!) and have savings of about €20,000 which will go towards the deposit.
As the title suggest, I'm totally lost when it comes to these things. I'm only starting out and am looking for any constructive guidance that I can get.
Thanks for your time,
Lauren