Various questions concerning purchasing for the first time

R

Ron Burgundy

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hi ,

i've only stumbled onto the site but have to say its great.

myself and my fiancee are looking into buying at the mo, between us we earn €45,000 but this will go up to €50,000 in th coming months. our employer ( civil service ) will add that we have increments and wages raises coming up and that overtime of 10k per both ( both of us) is available to us.

we like most have a few bills every month but dont feel we earn enough to get on the ladder, we have very little saving and are looking at the 100% mortgage.

we have one good point in that my fiancees family home is now in her name which means we have some collateral. but she therefore is not a first time buyer, but i am so could we still avail of it.

stamp suty would apply of about 6k in the case of the property we would like, but i wouldn't mind paying that if it meant we got onto the start of the ladder at least.

any thoughts or advice would be very welcome.
 
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Re: various questions

Please edit the title of your thread/query to make it .
 
Re: various questions

If you buy a second hand house jointly and your partner has owned a property before then you lose your FTB status. Does your fiancee intend to sell the family home or let it? What is it worth and is there any mortgage on it. If you could expand on this point and also post a breakdown of your individual salaries I could advise you of your max. borrowing capacity.

Sarah

www.rea.ie
 
Re: various questions

she owns the house and her mother lives in it, it was only recently signed over to her. it is worth about 140k and there is €200 owed on it.

we are both civil servants and incomes are 21.5 k and 23.5k these will increase to 25.5 and 26.5 but the end of september.

we have overtime of 5k each available to us each year.

i to earn extra in cash at the weekend but that wouldn't be taken into account as i dont pay tax on it.

we would be looking for a 100% mortgage for 215,000.

we currently rent an apartment for €650 per month. if we buy furniture isn't a problem as i have self furnished the apartment, we just want to get on the ladder.

paying the mortgage isn't the problem, getting it is
 
Re: various questions

Ron Burgundy said:
i to earn extra in cash at the weekend but that wouldn't be taken into account as i dont pay tax on it.

paying the mortgage isn't the problem, getting it is
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You may some day have problems paying back-taxes, interest and penalties... unless there's some special income tax exemption for moonlighting civil servants with overtime options?
 
On your current salaries you qualify for a 100% mortgage of €200,000 so, with your increases confirmed, you should have no problems getting the €215,000 (assuming you have no loans) - in fact you could get up to €240,000. Your fiancee's property doesn't actually come into the equation as there is no debt (apart from €200!) on it but no income from it either.

Sarah

www.rea.ie
 
we have a car loan of 270 per month and i have credit union of 400 per month, for the next year then its finished.

we cleared our over drafts this morning and i have a minimal credit card of €650 which is all i want.

we are hoping our bank branch can help, even with the loans.

The reaon i mentioned my fiancees other house is that we hoped it would help with security in actually getting the mortgage.
 
Your loans would definitely need to be gone to qualify for the mortgage - the credit card balance would not be taken into account.

With regards to your fiancee's mother house I take it she has a right of residency in that property? If so lenders would be relunctant to take it as additional security as they wouldn't be able to repossess it in the event of things going wrong.

Sarah

www.rea.ie
 
the residency rights i dont know, the house has just been signed over so i believe paper work should be done in that area but she doesn't want to do it.

we are going to go for it with the loans and see what the banks say, then we'll know what we have to clear in the future to get the mortgage.

it costs nothing to apply but time and at least that way we'll know where we stand and what we ave to do. i think we have ourselves told we won't get it so it wont be a shock
 
we have moved the goal posts a but now, we have looked at things and decided to renovate the house my fiancee has had signed over to her.

it will take about 80k overall i'd say, i have also seen an accountant and am having books done up for last year so all imcome will be above board.

here are our new details so wondering can we borrow against that house seeing as it will be the house we are doing the work on.

our new income details are 44,000 and 23,500 and we have the same bills listed above but most of them should be gone by september as we are focusing on that area at the moment.
 
Ron Burgundy said:
our new income details are 44,000 and 23,500 and we have the same bills listed above but most of them should be gone by september as we are focusing on that area at the moment.
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Do you mind me asking how has one of your incomes almost doubled from previous postings? Is this the extra cash at the weekend that you're not paying tax on?
 
Theo said:
Do you mind me asking how has one of your incomes almost doubled from previous postings? Is this the extra cash at the weekend that you're not paying tax on?
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i have declared that income. it is a total of 23,500 i did a lot of work over the last week and i got an account who is doing up the books at the moment. that is how.

before anyone says anything, i had intended to declare it but had been iin bad health for 6 months of last years so i was all over the place with the paperwork, finally took a few days off from day job last week and got it all together.

i thought i couldn't pre register for start of 05, but i was wrong so accounts not being done up were my fault for not getting accounts advice earlier.
 
Re: various questions

 
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