First Time Buyer

[maryomeara]

Hi

My father passed away recently and left the house in equal shares between myself and my three brothers. I’m still living at home and my brothers are all married and have their own homes. I met with the solicitor recently to organise the probate which he informs me will take about 12 to 16 weeks. In my father’s will it was stated that I have the first preference of buying the house if I decided to. I want to buy the house outright and my brothers are okay with this, but would like to know what my options are in going about this.

I work full time as a secretary earning 25,000 euros, but am not sure if I can afford a mortgage. The property is in Dublin and worth 250,000. Specifically, I would like to know
Would I get a mortgage for this amount based on my salary?
Are there any schemes (government?) where I can purchase part of the property, but eventually own the property outright?
Is there any tax relief or benefits on a mortgage based on my circumstances (single, first time buyer, sole occupier)
What would you recommend. Thanks.

 

[Sarah W]

Hi Mary.

Based on your income (and assuming you have no loan commitments and are aged 35 or under) you could get a mortgage of €165,000. To buy your brothers out you'd need €187500 (€62,500 x 3) however you might be able to negotiate this smaller sum with them with the balance payable at a later stage. As the mortgage is to buy your primary residence it will qualify for tax relief. I don't know if the purchase would qualify under the Shared Ownership Scheme but you could investigate this with your local council.

Sarah

www.rea.ie