buying a house on your own

Bitsie

Does anyone know if it possible at all to buy your won house on your own if you dont earn like €40,000 a year!!

blahblah06

how much do u earn would be a start

SparkyLarks

Planning to buy a house on my own,
I can stretch to 250,000 but I'll neet to find someone to rent a room.( I have a 10% deposit)

I'm on the avg inductrial wage.
I'll need the parents to go garantor but I'll be making the repayments( ~900 a month) alomst 50% of my net income. I don't have any loans which is a big plus. with a loger it's about 600 a month left for me to pay which is 33% of my net income which is prety doable

Bitsie

not enough!! under €35,000 anyway

SparkyLarks

your Gross salary is what the older banks use.

building societies use your net income, so you normally end up being able to borrow more, esp if you don;t have any outstanding loans.

Go to a morgage broker and find out what sort of mortgage you can get.

On the Avg industial wage and debt free you can get 200,000.

GO to a broker they'll tell give you a good idea

delly

Shared ownership is probably your best bet

MorningStar

Bitsie wrote:

not enough!! under €35,000 anyway

So how much to you expect to buy a property for? You can buy a property with your money but where it will be is the issue! If you are thinking Dublin I don't think you will get much but a one bed appartment might be possible in the suburbs. Just bear in mind living on your own completely is a difficult thing to do for many people.

Bitsie

i was thinking a little outside the city like maybe swords or even balbriggan..somewhere like that as i know in the city centre will be too expensive.

MorningStar

Bitsie wrote:

i was thinking a little outside the city like maybe swords or even balbriggan..somewhere like that as i know in the city centre will be too expensive.

A friend of mine just bought a 1 bed in Swords and it was €195k which seemed like a good deal.

This might sound like a nuts idea but yoy could by a house with somebody and split it. You could be a lot closer to Dublin and have a better asset. It's what happened to many houses in the UK.

http://www2.myhome.ie/search/property.asp?id=247167&p=2&rt=search&searchlist=

Not too expensive to split but close to the city. It's not for everybody but could work out. That particular house is a bit pricy for what you get but the idea might suit. The front bedroom is easy to get a bathroom into and the box room will allow a kitchen in upstairs. I've seen it done with additional extensions and without both possible but obviosly cost is a factor

Bitsie

yeah i knoe good idea but this is my problem there is no one who can buy it with me at the moment. i think i may just rent somewhere for awhile until me and my boyfriend can buy a house together! thanks for the advice guys !

muffler

If you can find the right house at the right money I dont think you will have much bother in getting a mortgage.

Talk to your local mortgage broker and you might be pleasantly surprised.

AndyWarhol

Bitsie wrote:

Does anyone know if it possible at all to buy your won house on your own if you dont earn like €40,000 a year!!

40k a year? Tut! You wouldn't get a lock up garage in West Dublin on that salary. Try 80k a year for a semi-D in suburbia...

lomb

AndyWarhol wrote:

40k a year? Tut! You wouldn't get a lock up garage in West Dublin on that salary. Try 80k a year for a semi-D in suburbia...

true, there are very few good houses on sale in dublin for the massive demand. u need to make 80 grand just to live in a semi d, sad but true.
labour and land inflation has gone out of control here. If i was setting up a company that was non service related i would think twice b4 setting up in dublin or within 50 miles of it.

garred

To answer your original question, yes you could get a mortgage on your own, just do what most people do - fiddle your p60 and get relations to deposit money temporarily in your account.
The main thing you have to work out is can you afford to pay back the repayments if worse case scenario, you can't rent other room. There are plenty of 2/3 bed properties for around the 240-270k mark on myhome obviously not in city centre but people work in other places other than the centre.
Good luck with it.