Hello, I would love if someone here could give me some advice or guidance on how to best proceed financially.
We are a married couple and have a 2 yr old son and another baby due in Jan. I purchased a 2 bedroomed city centre apartment through the affordable housing scheme 8 yrs ago. I have lived there since purchase. It is not in negative equity but probably would not make much of a profit if sold. I got confirmation from Dublin City Council that I can rent this out or sell it and the clawback no longer applies unless I sell it for more than I paid for it (which won't happen). Mortgage with EBS.
My husband co-owns a 2 bed apartment with a family member. This is in negative equity. The family member lives here and is not in a position to buy him out. He does not put any money towards this apartment, except half of the management fees. Mortgage with BOI
So, we ideally need to move to a house before our second child arrives. We are saving as much as we can on a monthly, basis but we are far off having enough for a house deposit. Realistically, it will take us up to 3 yrs to have a good lump sum for a deposit when we factor in childcare and possibly the cost of rent. Do u think we should rent a house for a few yrs, continuing to save as much as we can or speak to the banks and see if they can offer us any solutions? Can anyone recommend a financial advisor or someone who could advise us in this situation.. Or is it best to go directly to a bank? Based in Dublin. Thanks in advance for any suggestions
We are a married couple and have a 2 yr old son and another baby due in Jan. I purchased a 2 bedroomed city centre apartment through the affordable housing scheme 8 yrs ago. I have lived there since purchase. It is not in negative equity but probably would not make much of a profit if sold. I got confirmation from Dublin City Council that I can rent this out or sell it and the clawback no longer applies unless I sell it for more than I paid for it (which won't happen). Mortgage with EBS.
My husband co-owns a 2 bed apartment with a family member. This is in negative equity. The family member lives here and is not in a position to buy him out. He does not put any money towards this apartment, except half of the management fees. Mortgage with BOI
So, we ideally need to move to a house before our second child arrives. We are saving as much as we can on a monthly, basis but we are far off having enough for a house deposit. Realistically, it will take us up to 3 yrs to have a good lump sum for a deposit when we factor in childcare and possibly the cost of rent. Do u think we should rent a house for a few yrs, continuing to save as much as we can or speak to the banks and see if they can offer us any solutions? Can anyone recommend a financial advisor or someone who could advise us in this situation.. Or is it best to go directly to a bank? Based in Dublin. Thanks in advance for any suggestions