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First time buyer advice wanted

  • 26-03-2012 7:31pm
    #1
    Gers_punto
    Registered Users, Registered Users 2 Posts: 278 ✭✭


    Hi folks,

    Looking for some help here and hopefully someone can help out. My partner and I have recently had a little one and are living in rented accomidation.

    At the moment our apartment is more like a walk in wardrobe for the little man so we are looking at potentially buying a house.

    Now thats where we hit a brick wall, we are happy to rent but would prefer to make something our own.

    We are thinking along the lines of

    1) rent to buy scheme
    2) Home purchase loan scheme

    has anybody here any experience in these lines that can provide me with some advice or with the way things are at present better off to continue renting


Comments

  • #2
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Gers_punto wrote: »
    Hi folks,

    Looking for some help here and hopefully someone can help out. My partner and I have recently had a little one and are living in rented accomidation.

    At the moment our apartment is more like a walk in wardrobe for the little man so we are looking at potentially buying a house.

    Now thats where we hit a brick wall, we are happy to rent but would prefer to make something our own.

    We are thinking along the lines of

    1) rent to buy scheme
    2) Home purchase loan scheme

    has anybody here any experience in these lines that can provide me with some advice or with the way things are at present better off to continue renting

    If your partner recently had a baby and is on maternity leave a bank won't factor her income into the application until she has returned to work... I'd suggest renting a bigger place until such time as income qualifies you to borrow what you need and you have a sufficient deposit etc. The rent to buy scheme is a good option but you need a good solicitor to ensure it's a watertight agreement as there are a number of factors that need to be addressed... for example, what happens if you pay your rent on time each month but the owner hasn't been making mortgage repayments? When it comes to buying the property the amount of loan o/s is greater than the balance you need to pay...as I said a lot of variables and need a concrete legal document to ensure no issues...


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