Any advice for this situation

piplip87

Hi all,

A few years ago we were renting privately and my other half got diagnosed with MS. She was fairly bad for a while and in the middle off all that our landlord was forced to sell due to over investments during the tiger.

The council stepped in thankfully due to my wife's condition and bought the house tennant in situ. So basically we are paying 750 rent (It would be 1200 or 1300 otherwise). She has managed to get back working part time recently amd things are going well for her.

We have pumped serious money into to the house to give it our own stamp thinking that would be it for us, as i am in a middling paying (about €40k) and about €70k in debt due to doing up the house, kids dental work, college for the eldest).

Fast forward to now, my uncle passed away and has left me a third of a lovely country cottage, badly fire damaged but with some work would make a brilliant home for my family. Also it's a bungalow and due to my wife's condition we may need one in the future.

It's worth 120k, but my brothers would settle for 30k each but we can't qualify for a mortgage due to my salary, debt and my wife's condition.

I'd imagine ot will take a other 50k to get the house livable again..

Is there any advice on any finance options etc, would my 33% satisfy deposit or does this have to be savings ?

We are looking at a local authority home loan but again not sure if we can qualify based on the above.

Or am I better off taking my cut of the sale paying off loans amd look again in a year or two although getting this house done up and moved into would only cost 130k at the maximum and the repayments over 25 years would probably be less than what we are paying rent rise especially if our salary rises.

Any advice greatly appreciated

surrender monkey

Hi Op,

There is a grant for refurbishing vacant properties for 50k or up to 70k if the property is certified as derelict. The government have launched a new loan product the Local Authority Purchase and Renovation Loan which contains a bridge g loan element you could avail of to frontload some of the cost of renovation while waiting to draw down the grant after the work is completed. The issue I would see in availing of a mortgage could be your wife's diagnosis- it may not be possible to get mortgage protection insurance. Just a couple of things for you to look into. Also I seem to remember there was some sort of grant a former local authority tenant could avail of towards mortgage interest for I think 3 years when they purchase their own property and hand their house back to the council. I notice that you say you have invested heavily in the house you are living in at the moment, if you bought this new house you would still owe this money but would have given the house back to the council so that is not ideal.