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FTB mortgage advice

  • 17-04-2021 2:31pm
    #1
    Audioh8
    Registered Users Posts: 39 ✭


    Hi guys,

    There are properties advertised from 50k to 75k in my local area.

    My partner is on 24k per annum in permanent employment.

    We pay €650 (€325 each) rent pm so that would far exceed repayments on a mortgage.

    My query is for her to apply in her own name and see what they come back with, or will we be laughed out of the building?

    I have tried contacting a broker but they won't look at us for a mortgage of this size.

    I am a newly qualified teacher so I am still only working casually at the moment.

    My partner's father owns a construction company and would renovate the property for the cost of the materials. However, it is important to note the property would not be habitable when first purchased.

    We would also be given a gift of any amount needed to help.


Comments

  • #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    You haven't given sufficient information to answer your query. Does your partner have savings and how much she saves monthly. Do she have any short term borrowings and if so monthly repayment.

    If the house is not habitable you will not get a mortgage unless you provide estimates and include as part of the mortgage. If there is any structural work you will have to employ a qualified Architect or Engineer to supervise the work and submit planning permission if required. 90% of the cost of the property will be issued to purchase the property and then the balance will be issued in stages as the works progresses.


  • #3
    Audioh8
    Registered Users Posts: 39 ✭Audioh8


    Hi Trish56,

    Thank you so much for the feedback.

    We will be meeting with a bank later this week to assess the situation.

    To respond to your points mentioned, my partner and I both save a significant amount monthly and will have no loans or major outgoings. The deposit is also in place. we have also applied for HTB.

    However, the process you have outlined suggests this will be far more complex than a mortgage on a habitable property.


  • #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    The HTB is only for a new build. Credit Unions now do mortgages so may be worth it to try them.

    Audioh8 wrote: »
    Hi Trish56,

    Thank you so much for the feedback.

    We will be meeting with a bank later this week to assess the situation.

    To respond to your points mentioned, my partner and I both save a significant amount monthly and will have no loans or major outgoings. The deposit is also in place. we have also applied for HTB.

    However, the process you have outlined suggests this will be far more complex than a mortgage on a habitable property.


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