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tom16769
Guest
i have 2 credit cards revoked and car payments are 2 months in arrears there is 3 other loans but i dealt with mabs and these are up to date on a new structure
Brendan Burgess
Founder
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Hi tom
If you are in serious arrears and have difficulty managing your money, you should consider whether it is appropriate to take out a mortgage. Why do you think you would be able to afford the repayments? It's cheaper to rent and to pay a mortgage.
You might get a mortgage from a sub-prime lender, but it would be so expensive that it would make it even more difficult to pay
Brendan
If you are in serious arrears and have difficulty managing your money, you should consider whether it is appropriate to take out a mortgage. Why do you think you would be able to afford the repayments? It's cheaper to rent and to pay a mortgage.
You might get a mortgage from a sub-prime lender, but it would be so expensive that it would make it even more difficult to pay
Brendan
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tom16769
Guest
i owe about 40000 payments are reduced the house is a council hse valued at 84000 by them the auctioneer values it at 185000 i am self employed taxi in kilkenny with as yet no proof of income am in 2nd year accounts are being prepared would you have any idea of how much i would need to be showing to borrow
I would echo what Brendan says. You need to post more detailed info but so far it sounds like now may not be not the right time for you to take on a mortgage even if possible and maybe you should defer this until you have your finances in order again? I don't understand the €100K discrepancy in the valuations of the property.
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tom16769
Guest
a council hse is valued at their price because you are allowed £3000 per year for 10 years =£30000 off the full asking price which is £115000 + first time buyers grant. The private auctioneer values the hse at $185000
Why are you posting sterling and dollar figures? And what's this about first time buyers grant? That was abolished years ago. And what is this £3K p.a. stuff all about? 
You need to post the level of detail that I mentioned in my original post for people to comment more authoritatively.
You need to post the level of detail that I mentioned in my original post for people to comment more authoritatively.
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tom16769
Guest
if you live in a council hse when you go to purchase from them you are allowed 3000 per year for every year you rented thats where the 30000 comes from
I think what the OP was trying to say is that he has the opportunity to purchase a house valued at €185,000 for €84,000, probably under a tenant purchase or similar scheme.
I would have to agree with what Brendan and Clubman say about taking on more debt if you are finding it difficult to cope with the level you already have. Also, as you are self employed with no proof of income and have a poor credit history, the high street lenders would be ruled out. You would be classed as high risk and could expect to pay an extra 3% I would think.
I would have to agree with what Brendan and Clubman say about taking on more debt if you are finding it difficult to cope with the level you already have. Also, as you are self employed with no proof of income and have a poor credit history, the high street lenders would be ruled out. You would be classed as high risk and could expect to pay an extra 3% I would think.
if you decide to purchase the property, you will need to go subprime - Start, GE, Stepstone or Springboard.
On the information provided, no one else will consider you.
Just for reference, 125,000 over 30 years (assuming you're younger than 50) at an average subprime rate of 8.5%, your repayment would be €961 per month. The rate you get could be higher or lower than this.
if that works out to be less than what you are currently paying, then maybe you should consider it.
Be advised that you would be repaying your short term loans over a much longer period and it will work out to be more expensive over the entire course of the mortgage.
Good Luck
Bob
On the information provided, no one else will consider you.
Just for reference, 125,000 over 30 years (assuming you're younger than 50) at an average subprime rate of 8.5%, your repayment would be €961 per month. The rate you get could be higher or lower than this.
if that works out to be less than what you are currently paying, then maybe you should consider it.
Be advised that you would be repaying your short term loans over a much longer period and it will work out to be more expensive over the entire course of the mortgage.
Good Luck
Bob