First time buyer - where to start?

HouseHunter13

Hi all, great forum for the first time buyers lots of info but hard to apply to my own circumstances so i decided to register and start my own thread.

I decided over a year ago I wanted my own property so I started saving. I'm looking for a 3 bed semi in west dublin which seems to be averaging about a 150k. I don't know what i'd be entitled to get on a mortgage (or if I'd get one) or where to start the proccess if I can. Should I go to a brokers, what stage should I be at to talk to a broker?

I'm work in the public sector earning 40k, I have been saving €200 per week since January last year and have 13k in savings, what should I be doing now? I'm hoping to have some sort of movement on an application by the summer or am I being unrealistic.

Anything else I should be doing, I'm a real novice to this

Need advice please

gmisk

I would think they would give you 150/160 without a bother from AIB, if I was you though I would save a little bit more, you need to take into account stamp duty, structural survey, valuation, insurance, solicitors fees...so you would need a fair wack more than 13k saved imo.

HouseHunter13

thank you that is the sort of information I need. In your opinion how much saving would cover what you listed there? What stage of saving should I apply or walk into a bank?

jester77

I would keep saving hard until you see something you are happy with. Having 20% of the overall costs leaves you in a good position should you ever need to move/sell at a later date, so that's a good target to set. I'm not familiar with mortgages in Ireland, but I know here that the more capital you bring to the table the better your negotiation status will be and you can command a better interest rates and conditions from the bank compared to someone with less capital as you are less risk to them.

HouseHunter13

so 20% of the price of the house (including costs)? so i would only be half way there? 2014 would be more realistic I guess. Although waiting that long would make me nervous of price increases in the property market.

gmisk

Well you need 10% or a minimum of 8% with aib for your deposit...so say if house is 150....
15k
Solicitors fees = 2k
Stamp duty = 1.5k
Structural Survey/Valuation = 0.5k
Insurance = 0.5k

So I would say 20k at a very very minimum.

jester77

HouseHunter13 wrote: »

so 20% of the price of the house (including costs)? so i would only be half way there? 2014 would be more realistic I guess. Although waiting that long would make me nervous of price increases in the property market.

That's what I would personally aim for. 10% will cover additional costs that are not part of the house price and 10% towards the cost of the house. Leaves you in a position that if you ever need to move/sell in the future, you won't be hit with too much of a loss if any (difficult to predict the Irish market). Plus it makes it easier for you when it comes to negotiating with the bank when you have good capital.

But in saying that, if the perfect house in the right location for you comes on the market at a price you are happy with, then talk with the bank and see look at your options then. €800 a month is good saving if you are also paying rent on top of that then it will be to your benefit.

HouseHunter13

great advice guys, I think I will keep saving for now and come back to pick your brains

killers1

HouseHunter13 wrote: »

Hi all, great forum for the first time buyers lots of info but hard to apply to my own circumstances so i decided to register and start my own thread.

I decided over a year ago I wanted my own property so I started saving. I'm looking for a 3 bed semi in west dublin which seems to be averaging about a 150k. I don't know what i'd be entitled to get on a mortgage (or if I'd get one) or where to start the proccess if I can. Should I go to a brokers, what stage should I be at to talk to a broker?

I'm work in the public sector earning 40k, I have been saving €200 per week since January last year and have 13k in savings, what should I be doing now? I'm hoping to have some sort of movement on an application by the summer or am I being unrealistic.

Anything else I should be doing, I'm a real novice to this

Need advice please

What age are you? Are you paying rent?

HouseHunter13

I am 31. I moved home after renting 2 years ago for family reasons i hand up 100 euro p.w if that counts

killers1

HouseHunter13 wrote: »

I am 31. I moved home after renting 2 years ago for family reasons i hand up 100 euro p.w if that counts

If your rent at home is evident in your bank statements you'll have a strong chance of approval for the amount you need. Your combined savings and rent comfortably exceed the stressed mortgage repayment on the amount you're looking for. I'd suggest you speak to a broker now to ensure you're on the right track to ensure approval when the time comes and you have the deposit saved. Do this now and you'll have no issues further down the road.

HouseHunter13

killers1 wrote: »

If your rent at home is evident in your bank statements you'll have a strong chance of approval for the amount you need. Your combined savings and rent comfortably exceed the stressed mortgage repayment on the amount you're looking for. I'd suggest you speak to a broker now to ensure you're on the right track to ensure approval when the time comes and you have the deposit saved. Do this now and you'll have no issues further down the road.

I hand over cash but i could setup a direct debit if it helps and if its not too late? I would love to get moving on getting approval. 13k enough? Any good brokers recommended?

2mature

Hi Househunter 13,

I am in a similar situation to yourself in that I am in the process of applying for mortgage. I have dealt with Killian (Killers 1 on here - posting below you) as a mortgage broker and have found him efficent, professional and very helpful thus far. You will find many others who have used him on here who will testify to his professionalism and helpfulness.

My advice would be to PM him.
Best of luck!!

HouseHunter13

2mature wrote: »

Hi Househunter 13,

I am in a similar situation to yourself in that I am in the process of applying for mortgage. I have dealt with Killian (Killers 1 on here - posting below you) as a mortgage broker and have found him efficent, professional and very helpful thus far. You will find many others who have used him on here who will testify to his professionalism and helpfulness.

My advice would be to PM him.
Best of luck!!

Best bit of advice I got in a long time was to give Killian a ring, if you want to get yourself on the road to owning your own home (I've just gone sale agreed and hope i'm not jinxing it here) give this man a call. Even if you just want to take the extra stress out of moving he's your man.

Big thanks Killian

2mature

HouseHunter13 wrote: »

Best bit of advice I got in a long time was to give Killian a ring, if you want to get yourself on the road to owning your own home (I've just gone sale agreed and hope i'm not jinxing it here) give this man a call. Even if you just want to take the extra stress out of moving he's your man.

Big thanks Killian

Thats great Househunter 13!! Im the same as yourself sale agreed and hopefully closing before August!!
Same as yourself I have to say using Killers 1 services has taken an untold amount of stress out of the whole situation

itsonlyus

Don't do any online gambling with your account, know a friend who got turned down because of this. It was only around 20 a month and they used to a few fiver bets on the soccer and got turned down because of this!!