Question Re Home Loans

Chaz

I would like to buy a home in the forseeable future. Now - the dreaded deposit is the problem.

I have heard of all kinds of loan from peter to pay paul tricks. I have also heard that loans can be taken from the likes of the Cork County/City council with a small deposit needed. I am a first time buyer.

Any info?

Thanks

In_Diana_Jones

Wouldn't advise a loan for a deposit...it may put you in default under the terms of most mortgages.

get your save on buddy!

cleareyed

Try askaboutmoney.com
Great forum about all things financial in ireland. a lot of ppl working in finance there 2!

LegacyUser

The most common "trick" is to borrow the deposit from the Credit Union, tell them its for a new car or something. When the mortgage lender does a credit check, the CU loan doesn't show up.

If possible though, avoid borrowing the deposit, it'll just make things tougher on you.

aodh_rua

Originally posted by In_Diana_Jones
Wouldn't advise a loan for a deposit...it may put you in default under the terms of most mortgages.

get your save on buddy!

In theory IFSRA prohibit banks from issuing mortgages where the deposit is based on another loan. While the CU might not show up on a credit check, if something were to go pear shpaed and the bank found out it might complicate matters. Unofrtunately it seems the only solution is to get money from your parents, rob a different bank or scrimp and save.

Gurgle

Given that you need €20k + in your back pocket to pay a deposit, I'd recommend the credit union option. I can honestly tell you I know no-one who managed to save enough to pay the deposit on their home.

Beruthiel

Originally posted by Chaz
I have heard of all kinds of loan from peter to pay paul tricks. I have also heard that loans can be taken from the likes of the Cork County/City council with a small deposit needed. I am a first time buyer.

five years ago I got a county council shared ownership loan, all I needed was 1,000 irish punts deposit.
get to your local co. co. and find out all the info there, it's the only way to go if you are buying alone for the first time

gonker

if you are going for the credit union way dont lodge the cheque into any account that the bank has to look at as they will then see a lump sum and ask where you got it...
gonk

Chaz

Beruthiel

This is exacly what I am asking about. I not an Irish citizen - working here on professional visa - so not sure if id be eligble.

Thanks

Corksham

I did the ole Credit Union loan way for the deposit and told the bank it was a gift from the folks and off I went

I bought a house in Cork and went through a brooker (I'd strongly advise a broker as they get ya much more than ya can on your own)

Cucullan

Try a broker they have "ways" of getting morgages without savings and deposits. What county you in? I can recommend one if your near North Tipperary, sorted me out no problem with my morgage.

Chaz

Cork. Anyone here I can go see?