Should I just leave it go?

Silently loud

hi,

I know every one is sick of listening to people blabber about houses and house prices.

Thing is I have found the perfect house got the mortgage only 92% tho (if only it was a few months earlier) but now i am short 13,000 2 years ago 13000 would have been nothing now the banks give you a dirty look if you tell them you lost your atm card (i say i calculate the cost of card postage and curse you) so now i need 13,000 i am trying to think od options.

1/ become best friends with the credit union and ask them then take a interest only mortgage for two years pay the CU and interest for the two years then start the mortgage.

2/ rob a bank.

3/ tried to sell my car ... they looked at it and then pointed and in shock exclaim "its petrol" i was then told no.

4/ I know your thinking family ? thing is i dont have a family i could approach.

so has any one experience in trying to get a deposit ? do i have any options other than leave it go ... and save wait a few years then try again?


oh the house is only 130,000 (yes it is feb 2009) and has every thing done to it. so i dont need money to do it up .. just a wardrobe and a bed basically.

jimmycrackcorm

5) Offer to buy for €13,000 less?

Or rather offer €25000 less and slowly up to your max offer at €15000 less.

astrofool

Save up an 8% deposit, then buy a house. There are reasons why the bank limits the amount they loan out, the deposit is used to show them that you are capable of saving. You're talking about a round about way to get a 100+% mortgage (8% of 130,000 is only 10,400)

Silently loud

How long would it take to get 13000 saved. I havent thought about getting a mortgage before (i am 23) just everyone is telling me that a house for 130000 is very cheap and it will be a long time before a house will sell so cheap again.

DamoKen

Silently loud wrote: »

How long would it take to get 13000 saved. I havent thought about getting a mortgage before (i am 23) just everyone is telling me that a house for 130000 is very cheap and it will be a long time before a house will sell so cheap again.

well considering the freefalling house market it could alternately be argued that it will be a long time before a house sells above the price it's currently valued at. I wouldn't let what you are being told by "everyone" influence you into buying at the moment.

You're only 23, there is no reason at all for you to be jumping into what is (at the moment) a very unstable market.

Give it another year or two, keep an eye on prices (easy way is to check daft etc for areas you're interested in on a daily basis), you'll get a feel for the way the market is going pricewise.

And while you're doing that save

jetski

Silently loud wrote: »

hi,

I know every one is sick of listening to people blabber about houses and house prices.

Thing is I have found the perfect house got the mortgage only 92% tho (if only it was a few months earlier) but now i am short 13,000 2 years ago 13000 would have been nothing now the banks give you a dirty look if you tell them you lost your atm card (i say i calculate the cost of card postage and curse you) so now i need 13,000 i am trying to think od options.

1/ become best friends with the credit union and ask them then take a interest only mortgage for two years pay the CU and interest for the two years then start the mortgage.

2/ rob a bank.

3/ tried to sell my car ... they looked at it and then pointed and in shock exclaim "its petrol" i was then told no.

4/ I know your thinking family ? thing is i dont have a family i could approach.

so has any one experience in trying to get a deposit ? do i have any options other than leave it go ... and save wait a few years then try again?


oh the house is only 130,000 (yes it is feb 2009) and has every thing done to it. so i dont need money to do it up .. just a wardrobe and a bed basically.

A. Offer 13k less

B. Tell bank your planning on taking in a lodger which will increase the loan amount.

dvpower

jetski wrote: »

A. Offer 13k less

B. Tell bank your planning on taking in a lodger which will increase the loan amount.

A. Offering 13k less won't solve your problem. The bank will still only give you a 92% mortgage (of €117,000).

B. Not sure that the banks are doing this any more. In any case, this would only up the total amount that they would be willing to loan (they would treat it as income for the multiplier), the 92% cap would still stand.


My advise would be to try and save some money and then try again. You might get better value in a year or two.

jackal

Silently loud wrote: »

How long would it take to get 13000 saved. I havent thought about getting a mortgage before (i am 23) just everyone is telling me that a house for 130000 is very cheap and it will be a long time before a house will sell so cheap again.

"Everybody" meaning who exactly? The bank? The estate agent? Your folks? No insult to them, but make up your own mind, you are not a sheep. Why will it be a long time before a house will be so cheap again? It has been a long time since houses were so cheap, no doubt. But why do you think it wont be cheaper in 2009/2010? Its not like there is a recovery on the cards.

House prices are going to become a hell of a lot less important to Irish people as more pressing questions present themselves. Am I going to be laid off, where can I emigrate to, how can I manage on the dole, what am I going to do now my pension is wiped out... etc.

You are 23. Save yourself some money (and heartache) and look at the market in another few years. Why do you want to be tied down so young? Get a regular savings account going and put enough into it to hurt your discretionary spending. See if you can handle having to save it month in, month out. When you are young, its nice to have cash to do things rather than buy things.

Searlait

In light of the recession, countless amounts of people losing their jobs, house prices won't be going up any time soon, how could they with lots of people losing their jobs and unable to buy. There will also be unfortunately, I'm sure, people who are losing their jobs and unable to afford their mortgages and having to sell their homes.

Can't see prices rising for a long time.

Are you renting now, or living at home. Think of it in a few different ways, €13K to save, how long will that take you at the moment? In the length of time it will take you to save that the prices of the house you are looking at, and probably many more, will come down that bit more - you mightn't even need the €13K.

We're only on the brink of the recession, its going to get a lot worse before it gets better - a lot more jobs lost, and a glut of houses on the market. I'd hold off for as long as possible, save as much, the most money you can put towards a house the better, better saving now and paying of less in the future. Also, another point to consider, how safe is your job?? Just in case!!