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Clueless First time buyer

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  • 17-10-2012 12:59am
    #1
    filthyjabba
    Banned (with Prison Access) Posts: 33 ✭


    Hey,

    My girlfriend and I are looking to ask the bank for a 50k loan, so we can buy a small cottage with land down in the countryside. we have about 20k in savings for a deposit. and are both in full time average paying jobs(22k py)

    How easy is it to get a mortgage/loan for this amount. Ideally we would like to pay off the 50k loan in 3-4 years if the bank allowed.

    if anyone has any advice or experience please share. would like to know what the process is, should I speak to my bank first?
    Tagged:


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    #2
    gambithh
    Registered Users Posts: 220 ✭✭gambithh


    banks i believe may have a minium of 15 year mortgages.thats how they make their money over a long term.

    a joint credit union account over 5 years may be a better option.


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    #3
    NIMAN
    Registered Users Posts: 33,589 ✭✭✭✭NIMAN


    The 50k shouldn't be a problem given your savings and income, but trying to get a mortgage over such a small length of time is unlikely. It would be more a personal loan over 3 or 4 years, but it may be hard to get a personal loan of €50,000, as this is a lot for a personal loan.

    What you could do is take a standard variable mortgage out over the minimum the bank will allow, then make payments against it over and above your monthly payments. That way you can pay down the capital you owe and every time you make extra payments you can ask that it take time off your mortgage term.


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    #4
    filthyjabba
    Banned (with Prison Access) Posts: 33 ✭filthyjabba


    what about if I asked for a 25k loan, and my girlfriend do the same, is that more feasible?


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    #5
    hwfs.ie
    Registered Users Posts: 25 ✭hwfs.ie


    you wont get a personal loan for 25K being on a salary of 22k per annum. your best bet is to apply for a mortgage over minimum term and pay it down faster. this way you can decide to pay it down faster if required.


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    #6
    Pat Mustard
    Registered Users Posts: 9,554 ✭✭✭Pat Mustard


    I don't know whether you live with your gf at the moment, but if you decide to go ahead to buy property with her, you could consider asking your solicitor about a cohabitation agreement in relation to the shared property.

    It could save headaches for both of you down the road, in the event that one of you wants to sell, etc.


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