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First Time Buyers Question

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  • 14-02-2018 12:12pm
    #1
    Panic Stations
    Registered Users Posts: 251 ✭✭


    Hey Guys

    New to boards so sorry if I'm posting in the wrong section.

    I'm 25, living at home in Dublin, in a stable job, making 40k a year with uncapped commission (around 2k each month).

    I'm looking to buy property next year. A two bedroom apartment in South Dubin would be ideal.

    I'm wondering what my options are if I have a 30,000 deposit and am a first time buyer. Would I be eligible for the help to buy scheme? How much would I be able to borrow?

    Would love some advise from anyone else that's recently bought on their own.

    Thank's in advance
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    #2
    Lucy Dourado
    Registered Users Posts: 2 ✭Lucy Dourado


    Hello,

    You can use the help to buy scheme if you paid tax in Ireland from the last 4 years. My husband and I applied for it and the answer came about a week after the application. You can apply as a single person not a problem. When you get approved you get a message from revenue saying maximum amount you can claim back, you can also use it as part of your deposit. they simply send u a reference number which you gonna give to the bank in order for them to check how much you have.

    You said you want an apartment in South Co.Dublin, the problem with that is prices are around 350.00, 400.00 in that area (I live in Blackrock) if you are lucky so then you need more deposit as the bank is allowed to give a loan of up to 3.5 times what you get a year.

    So let's say you are making around 54.000 an year, loan with the bank would be 189.000 or a bit more (some profession like nurses, doctors, IT etc seems to be able to get a bit more) you would still have to come up with big deposit to be able to buy your apto of 350.000/400.000 in that area. However, there is a new scheme launched last february. If you are refused loan with 2 banks you can get a loan with government with better rates and conditions and instead of 3.5 times they can give you up to 5 times. The maximum loan for who wants to buy in dublin area is 320.000 it would suit you better and you can also combine help to buy scheme and the government scheme together.


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