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

Mortgage - too late?

  • 25-11-2014 3:59pm
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    Posting here because I want advice anonymously, and this is a personal issue to me.

    I'm looking for some advice on anyone who is going through something like this, or who went through it.

    I'm 38, have 2 kids and plan to get married next summer.

    During the boom years I saw many of my friends get married, have kids and get themselves mortgages, many for completely unsuitable houses/ apartments. A number of them moved away from Dublin, a lot bought small apartments and practically all of them ended up in negative equity. I decided at the time to wait a few years until things settled down.

    In 2013 I started looking earnestly not expecting too much trouble. However I've had a pretty rough time getting anything approaching an amount that would buy me a suitable home.
    I'm in a long time job and am well paid, my partner is self employed and doesn't earn as much. We have a decent deposit saved up. However, every bank has deducted a huge portion because of our two children (1yr and 3yr). I've tried various brokers also, most of whom also pointed at the fact that we had two young children was "hindering" our application.

    I'm starting to get worried now about the timing of this. We've been led to believe that our prospects will improve once the kids are in school, however that would mean that we are both in our 40s. Despite our best efforts it looks like the only thing we can do now is wait a few years and hope we're more successful then.

    Is there anyone that has got a mortgage late on and what is their experience?
    Any advice anyone could give would be appreciated.


Comments

  • #2
    kjl
    Registered Users, Registered Users 2 Posts: 3,127 ✭✭✭kjl


    I am 34 and single and was able to get a mortgage there recently, I had a little more than 30% deposit saved.

    I hired a private broker to do all the leg work for me and I would recommend this to anyone, it costs a maximum of €300 if not free and they tend to have an in with a lot of the banks.

    Failing all that, would it be the worst thing in the world to rent for a few more years. I think there is an artificial bubble in Dublin at the moment due to lack of supply so maybe when developers start up again prices will fall. So maybe a few years wouldn't hurt.


  • #3
    Tiddlypeeps
    Closed Accounts Posts: 2,103 ✭✭✭Tiddlypeeps


    It would be worth while waiting to see how things pan out with the new 20% minimum deposit thing the central bank are planning to put in place the start of next year.

    This change, if it goes through, will at least halt the rising prices or even cause them drop (I suspect the latter because we are currently in a mini bubble but nobody will know for sure till it pans out).

    Over that time you can be saving more towards your deposit, especially if house prices drop this will mean your putting up a larger percentage of the total house price which will make you a significantly smaller risk in the banks eyes.


Advertisement