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Given that we have no savings record to speak of, will we be able to get a mortgage on the basis that our mortgage payment would be (possibly substantially) less than the level of rents we have been paying for several years now...?
Any advice most welcome... thanks
I'd imagine you'd need a 20% deposit. 20% of 150K is 30K. There is a big gap between a purchase price of 115 to 150K
Why have you no savings? That's not a good way to start out. Also do you really think it's a good idea to take the money from your parents because you are not willing to save? What exactly is wrong with saving for a few years?
No, are you?Are you married?
Because it's worth a substantial amount of money - I'm talking about mortgage TRS here. If I'm likely to buy next year at a similar price to this year, I might as well try to get in there 6 months earlier and get the benefit of the tax relief - over the first couple of years of a mortgage of the kind of size I'm talking about, it's worth c.€100p.m.In relation to mortgage interest relief, why do you think you should get on the ladder before this is abolished?
No savings for a variety of reasons, primarily because I worked for a pittance for years while training, and in 2007-09 we each had little spells of unemployment - only earning at a level that allows me to save a few quid, as of last year. We're in our late 20's and understandably neither us nor our parents wanted us under their feet at home so we've been renting for the last 5 years - not very easy to save when you're giving a landlord the same / more than you would be paying to buy the house yourself... So while there aren't NO savings, they're just nowhere near enough for a deposit, and not accumulating very fast.
As for my parents, I think its a great idea to accept a loan of money (again not that it's anyone's business whether they loan or gift it to us) from them to save us from handing 7k a year in rent to landlords for another 5 years while we try to accumulate enough money for a deposit. Their idea, not ours, as they have an aversion to "throwing away money" on rent...
As for my parents, I think its a great idea to accept a loan of money (again not that it's anyone's business whether they loan or gift it to us)
Open to correction on this from anyone, but as far as I know it is the banks business as they will request confirmation that it is a gift and that it does not have to be repaid.
can i ask - what's the rush?????? You're in your late 20's from your posts i can take it you have had spells of unemployment - so therefore you are in a relatively stable period at the moment with both of you working. If i were you i'd focus on paying off loan, and then getting some savings together. The reality is the price of houses is falling and the more you can put to a deposit the smaller your mortgage will be....
As a "homeowner" i can tell you there are huge benefits to renting!!!! So don't knock it!!!!
P..
The questions I asked were pertinent to us giving you correct advice. The 'facts' you originally posted were not all the facts. The fact of you being unmarried is also very important but as you don't like my questions I'll leave it to someone else to tell you why.
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