Originally Posted by Springy Turf
Well that really depends on the house!
30k would be a 10% deposit on a 300k house, which is a 270k mortgage. The repayments on that are in excess of 1000 euro per month.
As most of the deposit is not your own savings, there would need to be other ways of showing a consistent ability to service this mortgage. They stress test it so you would need to show that between rent and monthly savings, you are able to afford well in excess of the mortgage repayment amount.
If you talk to a mortgage provider they will look at your financial situation and give you a better idea of where you need to be in terms of deposit, savings and demonstrating your ability to repay.
Also, you might know this already, but be careful with the tax implications of such a gift. You are allowed a maximum of 3k per parent per year tax free in gifts. Anything more will have tax implications.
Thanks for the help. We are also thinking of waiting a year or two as we are not in a rush so to speak .
I have been thinking of buying a house now for around 200k just to rent If out . I still live at home so I see it as a long term investment which i will be looking into .
The rent from the house will pay off the mortgage and still make profit each month which can be used for saving for the house we will live in which will most likely be built on family land in kildare .
I know you need a 20% deposit for a second property
Again I see it as a long term investment.
Is it a stupid idea or would it be actually possible?
Any advice is welcome.