Second Time buyer Options.

dekbhoy

I am a second time buyer who bought a small affordable apartment from Dublin city co. In 2004. I sold it in 2013 due to family getting bigger At no profit due to restrictions on such properties. I've been renting ever since with prices only going one way. I've currently around 40 k saved. Every time I turn on radio I hear of what can be done to assist first time buyers but what about families in circumstances like myself who need a deposit of 20 per cent . What are my options going forward who is looking to buy a decent family home for my wife and children without uprooting them away from family friends schools etc. I pay rent of 1800 p.m. and another increase will force me from where I am now.

Michael D Not Higgins

You are unfortunately an SSB so you need to have a deposit of 20% unless you qualify for an exemption. The reasons for this are many but basically it is assumed as you previously owned property, you don't need the same help as a FTB to buy. Have you spoken to a bank or broker about possibly qualifying for an exemption?

dekbhoy

I haven't Michael but my experience with banks so far is you submit all your forms details etc. But never actually get to talk to underwriters just advisors . My last application I went with KBC who were absolutely appalling when it came to customer service. No phone calls letter and everytime we called they promised call back but to no avail ,eventually we did get an answer which was refusal with no. Excuse given . When I eventually went to collect P 60s bank statements etc we were given photocopies of everything be unfortunately they shredded originals and just a cover letter to say you didn't meet criteria but not the exact reason why. It's so frustrating on so many levels. I will speak to a broker re. Exemptions that I didn't no existed. Pity there is nothing official regarding exempitions for people Like me who are not out to profit just looking to settle down and give their family a solid safe home they can call their own.

Brioscai

Same position here. Everytime something new is announced things get worse for us. Our sale went through just as the central bank rules changed last year, we had sold at a loss. We managed to get an exemption, but cant afford anything where we want to live. I'm so depressed about the situation. We are renting a house now for considerably more than our mortgage was and we have no more space.

Floppybits

I can understand that frustration. We had the same with Ulster Bank took all our details and then we had to chase them for an answer and the answer was no. Some fudge of an excuse given.
The apartment will be going up for sale and I will be looking for top dollar especially from FTB's, especially with all the help they are getting.