Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

buying my first house

  • 21-01-2012 9:20pm
    #1
    Sparkpea
    Registered Users, Registered Users 2 Posts: 1,118 ✭✭✭


    I've been looking at a low cost property in need of repair but its a cash only purchase of 40k. I don't have this sort of money however a family member has offered to loan me the money to buy the house and then I can repair it and either a) sell it on for profit and pay them back or b) live in it myself. To live in it myself I would then need get a mortgage (which would be doable once structural repairs are carried out). Is there any problems with me fully owning a house and then wanting to get a mortgage for it again? Is this called a remortgage or is it something to do with taking equity out of the property or can you only do that if you already have a mortgage? I would need a mortgage of 40k to repay the loan leant to me.

    Any advice? Financially I'm not in a great situation to buy at the moment because I've recently went self employed and dont have 2 years books behind me yet but the market is a good time to buy which is why the family member is offering to help me out and with my trade skills I can do alot of the work myself.


Comments

  • #2
    Rhys Essien
    Registered Users, Registered Users 2 Posts: 3,029 ✭✭✭Rhys Essien


    Are you saying you have zero savings and you are working for yourself for under 2 years.If so,Id say you dont have a hope in hell of getting any money.

    We all want to have our own home,but why have you no deposit?

    You must have a good savings and employment history.

    You would need around €4000(10%) deposit for this house.


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    You said yourself you are not in the best position to buy so why bother? Also noone really knows if it is a good time to buy. Who knows what will happen with the euro and so forth and house prices are continuing to fall.

    You are hoping to make a quick buck really by sounds of it. Get the house, do it up a little and sell on. You must remember selling these days is very hard even with a perfect house. This was what used to be done in the boom days by buying and put a bit of money in and sell for profit. Doesnt happen that easy.


Advertisement