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First Time buyer, owner/occupier

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  • 30-07-2011 7:35pm
    #1
    ladyyvonne
    Closed Accounts Posts: 1 ✭


    Hi,

    I'm considering buying a 1 bedroom flat and getting a First Time buyer, owner/occupier mortgage. I intend to live in the flat for a few months but after this go travelling for at least a year. During this time I'd like to rent the flat out.

    Is it permissable to rent the apartment? I would go for the Investment mortgage only I cannot afford the much larger deposit.

    Thanks.


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    #2
    bath handle
    Banned (with Prison Access) Posts: 370 ✭✭bath handle


    Thanks.[/Quote]
    You would be very unwise to do as you are proposing. Why not wait until you come back from travelling to buy?
    You have little if anything to gain buying now. You could potentially have a lot of hassles.


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    #3
    Merch
    Closed Accounts Posts: 3,327 ✭✭✭Merch


    1st post , hmm
    Live in it for a few months and rent, not worth it, best wait till you get back then look in to it.
    Especially if you are relying on getting tenants, anyway you say at least a year travelling,

    btw is this a joke?


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    No disrespect intended Ladyyvonne- but you will have a lot of people scratching their heads wondering what on earth you're doing- with your proposal. Quite frankly it makes no sense whatsoever.

    First off- I don't know if you've checked or not- but most lending institutions will only give a 60-65% mortgage on apartments, you'll have to buy a house to get an 85% mortgage (and good luck if you imagine you'll get higher by some means, its not going to happen).

    Apartment prices are falling faster than any other residential type price. 1 bed apartments- are at the top of the list.........

    I could go on and on- if you're posing a serious question- please give us more information- but please don't be offended by incredulous comments from many forum posters- as what you're proposing simply doesn't make any sense whatsoever in the current climate........


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    #5
    noxqs
    Registered Users Posts: 413 ✭✭noxqs


    Don't listen to these negative people. Get your feet on that property ladder as fast as possible. You'll make a fortune and the property will pay itself in rent while you travel the world making money without effort.

    Borrow as much as you can, 110% mortgage if possible. No one has ever lost money on property - hence the saying "Safe as houses"!!

    1-Beds are exquisite investment properties! Can't buy enough of these!


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    #6
    chillywilly
    Registered Users Posts: 2,793 ✭✭✭chillywilly


    noxqs wrote: »
    Don't listen to these negative people. Get your feet on that property ladder as fast as possible. You'll make a fortune and the property will pay itself in rent while you travel the world making money without effort.

    Borrow as much as you can, 110% mortgage if possible. No one has ever lost money on property - hence the saying "Safe as houses"!!

    1-Beds are exquisite investment properties! Can't buy enough of these!

    That should come with a sarcasm warning!


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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    noxqs wrote: »
    Don't listen to these negative people. Get your feet on that property ladder as fast as possible. You'll make a fortune and the property will pay itself in rent while you travel the world making money without effort.

    Borrow as much as you can, 110% mortgage if possible. No one has ever lost money on property - hence the saying "Safe as houses"!!

    1-Beds are exquisite investment properties! Can't buy enough of these!
    :D:D:D:D:D
    Ssarcastic as it seems now in 2011, but it was exactly what any young professional forking out 'dead money' rent was led to believe as true,peaking circa 2006. There are literally tens of thousands of young people in their 30s condemned to life in these 'dogboxes' - that was all they could afford but were brainwashed into 'getting on the ladder' - & now with no prospect of ever owning a 'house' - and are now at the age of settling down/starting families. :(

    OP - go away and travel, have fun, gain work experience, see the world, then come back and assess your options as regards buying property...or find some place where you'll like to stay & decide you'll never come back. Don't dream of buying a 1 bed apartment to up sticks and leave and hope to rent it out. It seems pretty daft to me.


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    #8
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    chillywilly wrote: »
    noxqs wrote: »
    Don't listen to these negative people. Get your feet on that property ladder as fast as possible. You'll make a fortune and the property will pay itself in rent while you travel the world making money without effort.

    Borrow as much as you can, 110% mortgage if possible. No one has ever lost money on property - hence the saying "Safe as houses"!!

    1-Beds are exquisite investment properties! Can't buy enough of these!

    That should come with a sarcasm warning!
    I original post was supposed to come with a sarcasm warning too.


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