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First time buyer - Pros & Cons

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  • 17-03-2008 10:35pm
    #1
    roonimirza
    Registered Users Posts: 78 ✭✭


    Hi everyone

    I am thinking to buy a house & in process of getting the mortgage approved with my sister ( To raise it up for a decent property!).

    Once the mortgage is approved, only one person wanna buy the house as she isnt interested right now.

    But she has some concerns that;

    I am using her name in the mortagage and she might lose out when she be buying in future.

    I dont know the full process of house buying proc; but can some one explain how it works?

    -> If we both get the mortgage; can one person own the house?
    -> What disadvantages it can have; if she decides to buy later?
    -> Any thing else you like to mention; any pros en cons?
    -> Any tax issues; we should condsier?
    -> What is the best way to go ahead in this situation?

    I would really really apperciate any answers, as I have to give some answer
    in next couple of days.

    Thanks again

    Rooni


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    #2
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    You should get a mod to transfer this to Accom and Property forum, but in a nutshell..

    1) Nope - if you both get mortgage you both own place
    2) One clear disadvantage is that neither of you will be first time buyers anymore, and subject to stamp duty the next time you buy something [home or abroad]
    3) The boys and girls in the accom and property forum have a long history of listing pro's and con's - do a search there or just read the epic bubble bursting thread for info on current conditions and all the various opinions on what is going on :)

    Think about what happens if one of you wants out later or needs the money? Get it all done legally, get EVERYTHING on paper by a solicitor, sister or not..

    It sounds like you need to talk to an expert, maybe a good place to start would be any mates you have which own somewhere and then speak to a mortgage broker about the various rules and regulations and pluses and minuses.


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    #3
    bobk
    Registered Users Posts: 370 ✭✭bobk


    in response to your questions

    -> If we both get the mortgage; can one person own the house?
    Only the person named on the title deeds is deemed to be the owner of the house and it is possible to have a two on mortgage one on title.

    -> What disadvantages it can have; if she decides to buy later?
    the mortgage that she gets with you will directly affect the amount she can borrow for her own house.

    -> Any thing else you like to mention; any pros en cons?
    many different factors affect different people. without knowing more details, it's difficult to advise effectively.

    -> Any tax issues; we should condsier?
    only when you go to sell - seek professional advice

    -> What is the best way to go ahead in this situation?
    talk to a good independent mortgage broker and seek legal & tax advice

    Good luck


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