First-Time Buyer Worries

R

Robin

Registered User
Messages
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Hi All,

I'm just wondering if any of you can help. Myself and my partner are considering buying a house and we've been getting quotes at the moment of 364k approximately. Our combined salary is approx 80k.

Just a few queries really because:


1. First, I suppose is the deposit...if we got a loan for the deposit would we be able to use our SSIAs (19k when mature) as security? (We have around 8k in other savings)

2. The stamp duty - does this now apply to new homes as well as second hand home?

3.I'm thinking of going back to college in September as I want to do the complete career change and rather than pay rent for the next 4 years while I qualify I think it would be a good idea to have the mortgage already sorted!! On top of this mortgage would any bank be happy enough to give me a personal loan and do some banks have delayed repayment methods (I'm talking at least a year or two and whos reasonable)

4. Am I being totally unrealistic or can this be done!?!

Hope you can help!!

Thanks - Robin
 
Hi Robin

The bank will not give you your mortgage if they see you have got a loan for it

a deposit for a house approx €364k would be €29,120 plus you will have stamp duty of approx €10,920 = €40,040 plus solicitor fee/valuer etc so for first time buyer id try stay under the €317,500 so the deposit is not as much

stamp duty is based on the price/size if you go over €317,500 you will have to pay 3% stamp duty (first time buyer) im not to sure about the size.

hope this is of some help
Mary
 
sorry was ment to say the bank will not give you your mortgage if they see you got a loan for the deposit
 
Hi Mary - thanks for the guidelines, all seem a little overwhelming at the moment. Robin
 
"......if we got a loan for the deposit would we be able to use our SSIAs (19k when mature) as security?"

This is against the Terms and Conditions of SSIA

Subscription to SSIA's must be made by the account holder or his/her spouse from funds available to either or both of them out of their own resources without recourse to borrowings or deferral of repayments and/or interest. SSIA funds may not be assigned or pledged as security.
 
Hi Michael,

Thanks for your feedback however I am aware of that situation from Marys previous reply.

Robin
 
At the moment Credit Union loans do not turn up on credit checks but this is to change in a year or so.
 
Hi Brodiebabe,

Thanks for the positive note - however I am probably being too optimistic with mortgage and college so I suppose at the moment it has to be one or the other!!

But I really appreciate the positive note...so its not all doom and gloom!

Cheers,

Robin
 
Robin said:
3.I'm thinking of going back to college in September as I want to do the complete career change and rather than pay rent for the next 4 years while I qualify I think it would be a good idea to have the mortgage already sorted!! On top of this mortgage would any bank be happy enough to give me a personal loan and do some banks have delayed repayment methods (I'm talking at least a year or two and whos reasonable)
Click to expand...
Do you mean that you are going back to college full-time? If so, do you have a plan for how you are going to meet the mortgage repayments plus repayments on borrowed deposit on your reduced income?
 
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