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Unique-ish situation when buying.

  • 17-11-2018 6:31pm
    #1
    Cubah
    Registered Users, Registered Users 2 Posts: 23 ✭


    So I'm thinking of buying an apartment using the rebuilding Ireland scheme as I've no hope getting a mortgage for the amount I need using a bank.

    However, I have all my savings in shares rather than in a bank account. I've been doing this for years now and have made around 20% gains - not bad. Now the problem I'm facing is: to apply for the rebuilding Ireland scheme you obviously have to show proof of funds but I can't do this without selling all my shares.

    Issue there is: I'll have to pay around 5k in tax when I sell the shares and then if rebuilding Ireland rejects my application I'll be down 5k since I can't just get a mortgage with a bank if they say no.

    Essentially it's taking a 5k gamble to apply for the scheme. At least that's how I currently see it.

    Or am I thinking about this wrong? The vast majority of people have money in the bank for obvious reasons which makes things easier.


Comments

  • #2
    Yourmama
    Registered Users, Registered Users 2 Posts: 205 ✭✭Yourmama


    You don't need to sell, just prove you have them. I had shares as well and all I needed to show was a recent statement to get approval in principle


  • #3
    Cubah
    Registered Users, Registered Users 2 Posts: 23 ✭Cubah


    Yourmama wrote: »
    You don't need to sell, just prove you have them. I had shares as well and all I needed to show was a recent statement to get approval in principle

    Wait. Really? I got told from one of their support agents that I'd need to sell the shares in advance ages ago. Feck.

    What way does it work then out of interest? Since if you have let's say 50k in shares it doesn't necessarily mean you have 50k in cash. Or do you just work out roughly how much you'll end up with after paying tax?

    Also, shares go up and down obviously so your situation could change a decent bit so I'm curious how it all works out.


  • #4
    Yourmama
    Registered Users, Registered Users 2 Posts: 205 ✭✭Yourmama


    Cubah wrote:
    What way does it work then out of interest? Since if you have let's say 50k in shares it doesn't necessarily mean you have 50k in cash. Or do you just work out roughly how much you'll end up with after paying tax?


    I'm thinking now my situation wasn't exactly as yours. I had few different investments and not much cash at a time of approval in principle. When I monetized all of them later on, shares weren't big chunk and I wasn't doing such calculations as you. I just sold them and whatever cash I had, I put towards deposit. I would have enough deposit even without shares so maybe that's why I wasn't asked to sell... I don't know really.


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