Confusion Abounds-hopefully someone can help?

Unreg0909

Hi everyone
I've been reading though the Saving/buying mega thread and an amazing amount of knowledge of there so I'm hoping someone can help me with a few questions?
-Husband and I both employed permanent , full time , 1 child in pre school; both have good credit history

-I recently moved to a permanent role at the start of this month; I had been in a contract position for 9 months before that; but was in a permanent role for 6.5 years up to May last year

-I am 38 this year, husband 36

-started saving last Sept and have managed to save 10k so far, we estimate we should have €15k by end of March as bonus due. This is on top of paying 1400 rent plus 700 a month in childcare. No loans. I have about 1k to pay off credit card and 500 overdraft which I am paying off in full and then cancelling so as not to dip into it anymore!

- we have been approved for the help to buy scheme for the max amount ; we are hoping to a buy a new build in a neighbouring village - estimated price is 380k

- this is where the confusion sets in! As the help to buy scheme amount is only valid until the end of the year, and bearing in mind we don't know how long the build could take to complete, at what point should we go and talk to the bank about mortgage application?

-I think we will need another 6 months to get enough together to cover rest of deposit, solicitors fees, stamp duty etc so that wound bring us up until August to start looking; at which stage there would only be 4 months left until the HTB expires ?

-will our ages have a negative impact on our application

- with the new build, they look for a 6k booking deposit then the balance of deposit within 6 weeks- would proof of the HTB suffice as this deposit or do they generally look for the cash balance of the 10%?

I know these are a lot of silly questions....am thinking of going to a broker as there's so much to think about!
Thank you so much in advance for any help or advice!

cruizer101

As well as the saving/buying megathread there is one on specifically the help to buy https://www.boards.ie/vbulletin/showthread.php?t=2057658025
you should find more answers there though it is 120 pages.

On your ages they may shorten the term available, some use 65 as cut off some go a few years more, so shouldn't have massive effect.

I would look to clear your credit card and overdraft, you would be paying high interest on them.

Unreg0909

Thanks so much! Will take a look at that

Michael D Not Higgins

Help to Buy is valid to end of next year, Dec 2019. That should settle your fears a bit!

Vetch

cruizer101 wrote: »

As well as the saving/buying megathread there is one on specifically the help to buy https://www.boards.ie/vbulletin/showthread.php?t=2057658025
you should find more answers there though it is 120 pages.

On your ages they may shorten the term available, some use 65 as cut off some go a few years more, so shouldn't have massive effect.

I would look to clear your credit card and overdraft, you would be paying high interest on them.

From what I can remember being told, AIB cut off is age 65; BOI goes to 70.