Hello all
My landlady has expressed an interest in selling the apartment I rent to me and I am waiting for it to be valued. Its in Swords village. The ultimate decision will be if the valuation comes up with a realistic value I can afford but the figure I would ideally buy at would give me exactly 20% deposit, with a few thousand to spare to cover the legal costs, stamp duty and other mortgage related costs. I've noticed on many brokers websites that many lenders are extremely averse to 1 bed units. I bank with PTSB (having previously moved there from Danske).
So my question is - should I expect a brick wall when it comes to borrowing for such a unit from mainstream lenders? How hard will it be? (The mortgage I'd be targeting is 2.1x my annual income over 20 years).
Part of the logic of this is that I've lived there 9 years, its a lovely little development, and it does meet my needs. My rent has been very cheap because of the RPZ and various other rent capping schemes so the reason I didn't move until now was that buying even the cheaper local 2 beds would have cost perhaps 450 a month more than my current rent. But I'd love to stay where I am if I could, and buying the place would give me security of tenure I don't currently have.
My landlady has expressed an interest in selling the apartment I rent to me and I am waiting for it to be valued. Its in Swords village. The ultimate decision will be if the valuation comes up with a realistic value I can afford but the figure I would ideally buy at would give me exactly 20% deposit, with a few thousand to spare to cover the legal costs, stamp duty and other mortgage related costs. I've noticed on many brokers websites that many lenders are extremely averse to 1 bed units. I bank with PTSB (having previously moved there from Danske).
So my question is - should I expect a brick wall when it comes to borrowing for such a unit from mainstream lenders? How hard will it be? (The mortgage I'd be targeting is 2.1x my annual income over 20 years).
Part of the logic of this is that I've lived there 9 years, its a lovely little development, and it does meet my needs. My rent has been very cheap because of the RPZ and various other rent capping schemes so the reason I didn't move until now was that buying even the cheaper local 2 beds would have cost perhaps 450 a month more than my current rent. But I'd love to stay where I am if I could, and buying the place would give me security of tenure I don't currently have.