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Thinking of buying

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  • 05-03-2010 12:49am
    #1
    hantari
    Closed Accounts Posts: 12 ✭


    Personal Savings: Approximately 30,000
    Annual Income: Approximately 33000
    Age: 28

    A house has become available nearby for around the 170K mark with three bedrooms. Ideally, I would live there and rent out the other two rooms (Is this considered in applying for a mortgage?)

    What kind of mortgage (If any) do you think I'd be able to get?


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    #2
    colsku
    Registered Users Posts: 301 ✭✭colsku


    www.thepropertypin.com

    Dont buy!


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    #3
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    hantari wrote: »
    What kind of mortgage (If any) do you think I'd be able to get?

    I am not an expert but I made this reply to a similar query the other day:

    http://www.boards.ie/vbulletin/showpost.php?p=64730083&postcount=4

    The numbers are different but you can tweak them for your own circumstances.

    And +1 on the propertypin. You should spend a decent chunk of time looking at that site before deciding to buy. Personally, I think it's a crazy, crazy time to buy.


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    #4
    shoegirl
    Registered Users Posts: 2,018 ✭✭✭shoegirl


    hantari wrote: »
    Personal Savings: Approximately 30,000
    Annual Income: Approximately 33000
    Age: 28

    A house has become available nearby for around the 170K mark with three bedrooms. Ideally, I would live there and rent out the other two rooms (Is this considered in applying for a mortgage?)

    What kind of mortgage (If any) do you think I'd be able to get?

    Lenders no longer consider room rentals as the market is utterly saturated with vacant property.
    You'd probably get a mortgage of around 130k IF you have no other borrowings, a few years of secure employment and a perfect credit record (i.e. you have no late or missed payments for the last 5 years).

    Seems pointless to me, however, to buy a place only to rent it out and share again. If you really want to live with people, then continue renting for a year or two and keep saving. That way you benefit from both likely price drops and a bigger deposit.


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    #5
    kennyb3
    Registered Users Posts: 6,724 ✭✭✭kennyb3


    +1 for the pin, and if you buy now your stuck with that property for life most likely. do you really want 2 other people living in 'your' home?


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