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Need Help - 1st Time Buyer

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  • 11-12-2005 9:01pm
    #1
    denhamd2
    Closed Accounts Posts: 122 ✭✭


    I'm looking to build (or buy) my own house with my girlfriend in about a year's time. We're both 23 and I've only been working in a stable job for about 6 months so far. I've heard that you need to be working 3 years before you can qualify for a mortgage, do you know any places that would lend after 1 and a half years? How hard would it be for us to get a 100% mortgage? I'm thinking I'd need 300-350k. Please help, any advice would be great.


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    #2
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    Talk to the banks and building societies,on some of their webpages there are calculators that will give you an idea of what they will give you.


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    #3
    Peace
    Registered Users Posts: 2,758 ✭✭✭Peace


    denhamd2 wrote:
    I'm looking to build (or buy) my own house with my girlfriend in about a year's time. We're both 23 and I've only been working in a stable job for about 6 months so far. I've heard that you need to be working 3 years before you can qualify for a mortgage, do you know any places that would lend after 1 and a half years? How hard would it be for us to get a 100% mortgage? I'm thinking I'd need 300-350k. Please help, any advice would be great.

    Myself & partner went through the same deal as yourself this year. We're now sale agreed on a ncie 3 bed semi.

    Getting 100% finance has a lot of conditions and you might not qualiofy due to the fact you have not been in full time work for 3 years straight. But you should get a standard mortgage with a letter from your employer stating that you are in full time permanet positions. Best advice os go to a martgage broker and get the full speil from someone who knows about it.

    Also you'll need a lot of money up front. The deposit when you sign contracts is 10% of the house value. Also factor in stamp duty. So say you get a place for 330000 that 10% for deposit and 3% for stamp. Thats excluding solicitors fees/valuations & survey etc etc. So you can look forward to a year of saving a lot!


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    #4
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    denhamd2 wrote:
    I'm looking to build (or buy) my own house with my girlfriend in about a year's time. We're both 23 and I've only been working in a stable job for about 6 months so far. I've heard that you need to be working 3 years before you can qualify for a mortgage, do you know any places that would lend after 1 and a half years? How hard would it be for us to get a 100% mortgage? I'm thinking I'd need 300-350k. Please help, any advice would be great.


    if you tell us how much you both earn and how much you have saved we can give you a better idea...


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