Info re parental help in purchasing

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Guest
I've got a few questions regarding people geting started on the property ladder.
Firstly, what form do some parents support their offspring when buying a house?
What sort of income would your folks be need to be making in order to give a young buyer a dig out?
If your folks are retired, does that mean they cannot help you?
How does the whole collatoral thing work, Is it that parents put their house up as security in the event that you can't afford to pay off mortgage.
To those of you who did get a dig out from your folks, how did you approach the topic, Was much persuading needed?
If your young earning 24,000 a year, with no parental help is it possible to get a start on the propety ladder.
Thanks
 
Based on €24,000* plus room rental, no loans and a 35 year term you could borrow €160,000 as a maximum 92% advance. For your parents to help you out their (earned, not pension) income would need to be suficient to cover their own mortgage/loans (if any) and the shortfall on yours. Generally if a guarantor is earning less than €50,000 they would not be able to guarantee a mortgage. The value of their own home does not enter the equation as it's not being offered as security - the property the mortgage is secured is sufficient.

Sarah

www.rea.ie

*You might also want to check out the Shared Ownership Scheme with your local authority.
 
I'm curios Sarah you mention 'plus room rental', how is that figure calculated?
What is it?
What figure would you be earning inexcess of to get a 250,000 mortgage?
30,000 per anum?
Thanks
 
Most, but not all lenders, will add in between €300-€425 (depending on the lender) a month for room rental. To qualify for €250,000 you'd need to be earning circa €45,000 if you are under 30 (hence can take a 35 year term) or €50,000 if under 35 (3 year term). Again this varies depending on the different lenders criteria.

Kind regards,

Sarah

www.rea.ie
 
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