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buying my first house

  • 21-01-2012 10:20PM
    #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.


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