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Tenant buy out,Mortgage question!

  • 26-03-2014 7:14pm
    #1
    Pardmag
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi,Help please!
    We are renting a house over 5 years,1st time tenant and now seems like the opportunity to buy.
    The price has dropped to an all time low and there is an opportunity to get a lower price for existing tenants.
    The problem is investors are eyeing up buying all the remaining rental properties in the area, tenancies will remain in place we are informed.
    We feel pressure to buy as we are happy here for the next 5+ years,and we don't want the house to be bought by an investor.
    We have not prepared to be "mortgage ready" as people typically are as this opportunity has landed on our doorstep.
    So here is my question,with a deposit of 20% gifted to us,the amount of mortgage would be around €50,000.
    From different online mortgage calculators a 10year application would be a minimum of €100 LESS per month,than over perfect 5 years rental history which is paid by standing order.
    We have no loans,credit card paid off and small savings going to be used to pay off small overdraft this week.
    Can badly managed info on bank statements affect the application,since repayments are less than current rent??
    Sorry and thanks!!


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