Second time buyer - How much can i borrow?

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deetah23

Guest
Hi

I was hoping someone can advise me on my question. I have recently just split from my partner and want to buy my own apartment. I have around €70k from the sale to put towards somewhere else (preferably new, no stamp duty). My current salary is €41K. Would I also qualify for rent allowance as I would be buying a 2 bed apt.? Properties I am looking at are in the region of 330-340 so I would be looking to borrow €260? I could get my parents to go quarantor no probs but would rather try and get the lot on my own. I have a good track record of loan and mortgage repayments which all came from my account. Am I dreaming here or is this doable!!

Please advise?

deetah23
 
deetah23 said:
Would I also qualify for rent allowance as I would be buying a 2 bed apt.?
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Rent allowance is a tax credit for people in rented accomodation and so not available to you should this be your PPR (should you rent a room to someone they can avail of rent allowance). You may have ment the "Rent a room scheme". Lots of information available on this should you search AAM.
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deetah23 said:
Properties I am looking at are in the region of 330-340 so I would be looking to borrow €260?
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You must also factor in additional costs. Solicitors fees, Stamp duty [if new property is over the allowed area] (info on these sorts of costs again available by searching the threads - rough costs as a % and when other costs may be applicable). Certainly some of your savings/existing money will be eroded by these costs so you would need to add these in to the potential mortgage you are looking for (also potential costs such as fitting out etc etc).

You should come in well under the 80% LTV rate so have a look in the key posts for the best value in <80% LTV mortgages.
Bank of Scotland do provide rough mortgage calculators ([broken link removed]) but a few phone calls and possibly a broker looking for you could provide far better offers/deals.
 
If you are 35 years old or longer and have no loans you'd qualify for up to €230,000 with room rental. Do bear in mind however that there are an awful lot of rooms available to let out there........

Sarah

www.rea.ie
 
she may also qualify for affordable housing but I am unsure of all the conditions, the income figure is marginal .
 
2Pack said:
she may also qualify for affordable housing but I am unsure of all the conditions, the income figure is marginal .
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40k is the cut off point for meeting affordable housing I believe.
 
some of her salary may be bonus, just so she knows !!!!!!! OK
 
Thanks everyone for your good advice,

Just been thinking things over the weekend and I was hoping someone could advise me of how feasible the possibility of me buying my partner out of the apartment would be? Here are the details below and I would really appreciate any feedback you can give me. I know there is stamp duty implications so I would need to factor all of this in.
Current mortgage €170,000
buy out of partner - €70,000
New Mortgage €260,000 (would like to pay off existing car loan €20,000)
Stamp duty???? Can you please advise what stamp duty I would be liable for in a buy out situation. Do you only pay stamp duty on the amount you are remortaging for?
Any advice you could give me would be hugely appreciated as I am in a bit of a dilemma at the moment as my partner wants an answer as to what I want to do as he is not in a position to buy me out?

Thanks
 
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