Hi,
I have just received mortgage approval in principle for 232000. I have seen a few few houses that I would be interested in. Some are within budget and a couple are around 250000- 265000. My question is, does anybody think that the properties from 250000-265000 are within my reach or am I dreaming!!
Simon
Mr. DT
232000 is roughly 7 times salary. I'm not actually looking to raise the extra money to buy this house..
..........but am I being unrealistic in regards to vendor dropping 18k.
Simon
This loan is with the DCC. Its the amount they think I can repay. I am currently renting the last 2 years and have been paying 950 p/m until 2 months ago when the landlord dropped to 850 p/m. I have easily paid rent so repaying mortgage on 232000 doesnt worry me.
The DCC approved me for 232k and now leave it up to me to find house and agree on price. When I agree price I let DCC know and they takeover from there.
So all in all I wanted to know whether 232k could buy get me a house woth 250k-260k with some negotiating.
Thanks DT
Simon
"I'm borrowing X times my salary so that's good/bad". It's all about affordability- if you can afford the payments at the higher rates then technically you don't have anything else to worry about provided you always have your job.
best of luck!
Is it the Council taht is lending you this money as part of the shared ownership scheme?
What rate are you getting on the mortgage?
Also - I thought yoouhad to have a minimum deposit of 3k with Dublin City Council for shared ownership ?
Thanks NorthDrum,
Thats exactly the answer I was hoping for.
Simon
I just think it's a bit strange that the Council will lend 7 times Salary .
You say you will be able to cope with the repayments - how much a month will they be?
I'm not being nosey - just concerned that maybe you will be taking on a large loan on a property that may well go down in value .
@NotrhDrum - thats pretty much what the shared oqnwership is. I pay mortgage on the percentage I own and I oay rent on the percentage that the DCC own. Minimum I can own is 40%. Obviously the bigger % I own the better, as it would be more money being paid off my mortgage. After a year or two I hope to get proper mortgage from bank and buy house outright.
Basically its a handy way of getting a mortgage for people that have no deposit or have been refused from bank or the bank wont lend you enough.
Simon
Why are you buying a house right now? If you wait 12 months you'll get it at €50k cheaper.
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