House borrowing options for over 60's

Armstrongracer said:

I'm a single parent renting in Dublin. Rent and maintenance comes to about €3500/month, take home salary is around €6000/month. I'm about 5 years off retirement and have 2 more years of maintenance and child support (I had children late in life). Obviously someone of my age can not afford to rent in Dublin once I retire. I have an inheritence of €300k thats immediately accessable and plan to purchase a house out of Dublin to live in after my children finish school. I have seen a house where I want to live but I'm about €50k short of the asking price (including fees & stamp duty). Before I live there whilst remaining in Dublin, I could easily rent it out for around €1500/month. The house is in move-in condition and there is no chain. I'm too old for a mortgage so what options do I have for borrowing €50k (over a 5 years loan period) and where should I be looking. Note also, I have no outstanding loans or debts and a good earning record.

Thanks in advance for yor input.

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Brendan Burgess said:

I think a lender will probably give you a buy to let mortgage as you intend to rent it out. The rent will easily cover the mortgage repayments.

The rate will be high but as it's only on €50k , it won't be material in the overall context.

You need to talk to a broker immediately as the seller probably won't be interested in a bid from someone who is not loan-approved.

Brendan

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Armstrongracer said:

I've German/Irish cousins in their 50's that have rented all their life and will always rent. They can't understand the lack of tennant security here. I've been renting for 20 years, never missed a payment etc.. but being exemplary has given me no additional benefits.

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lff12 said:

The reason why Germans have security of tenure is because the bulk of lets are to institutions like pension funds etc. So they are unlikely to sell the property as they've priced in returns for the long run and won't claim "family use" because Joey Mac is sick of Australia or sell it because they bought 15 houses in the boom and are finally bust. In this country, we call such institutions "vulture funds" and campaign against them building or buying anything at all.

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Ideally, the worst type of slum landlord is a fat wicked man, preferably a bishop, who is drawing an immense income from extortionate rents. Actually, it is a poor old woman who has invested her life’s savings in three slum houses, inhabits one of them, and tries to live on the rent of the other two—never, in consequence, having any money for repairs.

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