Mortgages - First time buyers on their OWN ?!!!

C

Caroline_T

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Us first time buyers on our own don't have a chance in hell of buying on our own, or do we? I'm single and I'm not one of the lucky ones who have a boyfriend i can buy an apartment with. I'm on ok money 39,000 a year plus 7,000 on overtime, and i can only get 237,000 which wouldn't even buy you a shed in Dublin, all the one beds in Dublin are minimum of 260,000 plus... my father was going to go guarantor but that meant it still went on my wages and that was it, then he was going to be a 2nd applicant but that means that goes on his age so i would have a mortgage of 16 yrs, the mortgage would be MAD expensive, so there is no way around it. I have applied for the affordable housing last July so that is my last chance really but i cant wait on that, its a lottery. OR is there another way around this ?
 
If you are prepared to moved out to the sticks, like many Dubs have to, you should be able to get a decnt enough place for 237000.
 
single and on my own movin down the country? that would be grand if i had someone to live with but movin down on my own would be extremly lonely
 
Why not try affordable housing you could get a 2 bed apartment in saggart for 190K but is worth 300K.You could be lucky
 
fingers crossed, i applied for that last july and i rang dublin co co last wk and they said iwas getting a preference form out in two wks, but then its luck isnt it
 
hi caroline , can i ask you what dublin cc said about preference forms. Im with them and fingal cc for two years and have never heard about preference forms for dcc.

im like you ,,buying on my own and cant get anything. However im only on 32000 a year , ive saved 20000 by basicaly sitting in every weekend, no wonder ive no partner to buy with ! ( not that a partner is just someone to buy with before any one says anything)

best of luck!
 
Why do you want to buy property in a falling market? What is the point of buying a house now when you will be able to buy one at a much cheaper price in a years time?If you wait for another year or two you are likely to be able to afford a property because prices are falling rapidly!
 

Now now steve, we all know that prices can only rise and rise, that there is a severe shortage of stock and a huge influx of immigrants ready to snap up any spares! Never been a better time to buy yada yada!
 
I bought a place in Dublin on my own..but earn about double than you. however....

Went to see new places last week (idle curiosity) and there were one beds in Blanchardstown for 240k. not ah
 
Go around Dublin and have a look at the thousands of new empty apartments. These will have to be sold at some stage so there will be significant drops in prices for these. I was originally from Dundrum which was meant to be a great area and there are hundreds of empty apartments there. Developers will have to give very significant discounts to get rid of them.
 
Clown said:
Now now steve, we all know that prices can only rise and rise, that there is a severe shortage of stock and a huge influx of immigrants ready to snap up any spares! Never been a better time to buy yada yada!
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Oh dear......I hope I havn't let the cat out of the bag! We really want everybody to be up to their ears in debt for 40 years to keep the wheels of the construction industry turning and those builders happy!

Seriously though, there are thousands of empty houses/appartments that cannot be sold. Caroline have a look at this site and you will then help you realise how much they are falling, thereby increasing affordability for you:

http://www.irishpropertywatch.com/
 
Its a gap of 23 grand to 260k thats just under a 92% mortgage which is (or was ) standard till recently

Save a thousand a month for next 2 years
sell your car
get another job
Haggle over price

You'll still need a deposit with affordable housing too .
 
I think you could do a lot worse than the affordable housing too.

Saggart is a good location and there were also some nice ones in Celbridge(dont know if they are still there though)

I have my own house on my own too and know what you are going through. Going back about 7 years I split up from my boyfriend and he bought me out of the house. Even though I had a massive deposit for new place, no one wanted to give me a mortgage of IR £85K because I was only earning IR£20K. Had to say there were lodgers, etc. Eventually got mortgage from EBS and have to say first couple of years were tough going. Could not afford to buy food in some instances. Have since moved on to another house (still on my own) and it does get a lot easier.

Just be careful that you dont over commit yourself. A mortgage of €237,000 is high enough to pay back on your own. Mine is now €160K and I still give out about it.
 
Caroline. You seem quite young. Take you time, enjoy your youth and save some. Don't rush, wait a while and you will be fine.
 
It's also hardly the best reason for wanting a boyfriend - to buy a place, way too much pressure. There's options - affordable housing, buying with a friend etc., staying at home.

For me, it was important to live on my own so I waited until I could afford to do so. Could've bought earlier but didn't want the hassles of renting out rooms etc and not having any money.

Don't make having a boyfriend part of the equation!
 
Just rent for a while and save more money, you can only be the better for it in the long run
 
You could always try buying with a friend. Obviously you would want to know them well but it is well worth looking in to if you and a friend are currently paying someone else's mortgage( ie rent). You can sign a cohabitation agreement with them to cover situations where one of you wants to move on, etc.
 
Caroline
Have you applied for the affordable housing initiative? If you earn 39k and your employer will state you earn 7k OT you would qualify for the Initiative as opposed to the straightforward AH. There is a MUCH shorter waiting list and sometimes there are apartments ready for occupation almost immediately.. especially if you would be willing to move to saggart/citywest/tallaght?
 
I wouldn't just go for what is within reach. If a one bed is all you can afford i would wait a while longer until you could afford the next step up. apartments are not good 2nd hand sellers and presumably you would be taking a step up to 2, 3 bed etc in the near future so you would be paying extra transaction costs. It seems like renting is a good solution to consider. Look at some previous posts and you will see ftb's that bought something that was cheap, but struggled to sell on etc, you don't want to become part of a vicious circle.

Oh dear......I hope I havn't let the cat out of the bag! We really want everybody to be up to their ears in debt for 40 years to keep the wheels of the construction industry turning and those builders happy!
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People are going to in debt regardless of price drops or increases. What we will have is people spending the same money only going up in spec, debt wont be altered.
 
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