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Retired and want a Morgage

  • 29-03-2006 11:11pm
    #1
    Jackiemac
    Closed Accounts Posts: 8 ✭


    Can anyone help, me and my husband and 60 and have returned to Ireland to retire, we would like to buy some land and build but no one will give us a morgage for self build, we are on 30k year but with being our age no one is interested, we have no capital but are paying 600 a month rental. Any se nsible ideas would be appreciated.


Comments

  • #2
    justagirl
    Registered Users, Registered Users 2 Posts: 565 ✭✭✭justagirl


    Jackiemac wrote:
    Can anyone help, me and my husband and 60 and have returned to Ireland to retire, we would like to buy some land and build but no one will give us a morgage for self build, we are on 30k year but with being our age no one is interested, we have no capital but are paying 600 a month rental. Any se nsible ideas would be appreciated.

    hi jackiemac....

    Would you go to a mortgage broker? They have access to all banks and may be able to guide you - it would be better to go this route in your circumstances - also you don't have to pay them, the bank pays them a fee if they secure a mortgage. I know that you have to be earning to get a mortgage - which you are ....a self build might be more difficult to get a mortgage on because usually (as far as I know) you need some capital yourself initially and they only give you the money to bit in stages ....

    Best of luck.


  • #3
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    Jackie, at your age you can surely remember a fair few booms and busts where property was way way overvalued and the 'experts' said it could only continue to go up .

    We are at the top of another cycle like that , my advice is chill and concentrate on getting a 10k - 15k deposit in situ over the next 2 years or so .


  • #4
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    The simple answer is you won't get one in Ireland.

    Your income is too low and insurance companies won't touch you.

    Having no assets would mean you would be looking for a 100% mortgage?

    You are better off claiming social welfare and getting accomadation off the state


    Ireland is in a property boom at the moment so prices and demand are high.


  • #5
    Beruthiel
    Moderators, Social & Fun Moderators Posts: 42,362 Mod ✭✭✭✭Beruthiel


    jackie
    I have sent you a private message
    B


  • #6
    Lex Luthor
    Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    One thing getting a mortgage, but I can imagine the Life Assurance would be very expensive.


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