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First Time Mortgage - Help needed/advice

  • 16-09-2017 11:30pm
    #1
    liam650
    Registered Users Posts: 186 ✭✭


    I am 26 years old, looking at buying an apartment in the range of 60,000 to 80,000 and I want to get a mortgage on it. I'm new to this so anyone advise on what I need? as far as i know i need 10% of buying price as deposit and a stable job, I am a recent college graduate and looking for a job. I just do not see the point in forking out rent to a landlord when I could be using that money to buy my own place
    Tagged:


Comments

  • #2
    K_P
    Registered Users, Registered Users 2 Posts: 577 ✭✭✭K_P


    You'll need a deposit of at least 10%, a solid record of saving for at least six months (maybe more) and to be on a permanent work contract and be in the job for at least a year. You're looking to spend a relatively small amount so it seems like something very doable once you're in a permanent job.


  • #3
    Michellenman
    Registered Users, Registered Users 2 Posts: 11,195 ✭✭✭✭Michellenman


    If you're buying a 1bed apartment I think you need 25% as deposit.


  • #4
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    You'll also need to put money aside for a survey, valuation, stamp duty and solicitor's fees. I don't know what that'll come to for something so cheap but I guess you'd be looking at a couple of grand anyway.

    Although you are clearly very eager to buy rather than rent, don't buy an apartment just because it's there. It seems very (suspiciously?) cheap, though of course you didn't say whereabouts you're looking. Check what the management fees are, who the management company is and who's living in the complex.


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