Deposit for house

Koala14

Hey,
We're currently saving for house, have 21k and hoping to buy house valued at 200k. Been told by bank we'll need 24k to cover stamp duty, fees etc. Am wondering, if we borrow remaining 3k from credit union, will we have to declare it to bank? Also, are we better to move out to the 'burbs to be in a better area for schools etc? We don't want to move too far out, but are prepared to go a bit further if it means we.'ll be in a safer area.
Cheers, any advice appreciated.

ladysarah

If you borrow from the credit union the bank will know as a) you will have to prove where it came from and b) it is likely to show up when they do a credit check. the bank now wants to ensure purchasers have stamp duty and legal fees. really shop around for a solicitor they vary from 750 plus VAT at 23 per cent plus land registery and search fees where I am from. When purchasing house bear in mind comuting, closeness to family support if required forchild minding. Can you see yourself being hsppy living there? When viewing a house do not shiw the auctioneer that you really want the house even if you do. Good luck)

D3PO

ladysarah wrote: »

If you borrow from the credit union the bank will know as a) you will have to prove where it came from and b) it is likely to show up when they do a credit check. )

for an agent who claims to be very well up your not. Most CU's are not setup with the ICB and therefore wont show up on credit checks.

That said OP stop rushing save your money then get approved and buy.

ladysarah

a friend if mine went for a mortgage 7 months ago and aib asked for proof of savings and was able to tell them they had a 6k credit union loan,

Scortho

D3PO wrote: »

for an agent who claims to be very well up your not. Most CU's are not setup with the ICB and therefore wont show up on credit checks.

That said OP stop rushing save your money then get approved and buy.

Second this. Op it's 3k. If your going for a loan of 200k+, surely you'll be able to save 3k over the next 3-6 months.
Some cu's are on the icb-mine has been for the last year or so as a result of getting screwed with bad debts. Just like a gift from the parents, the bank will ask where the 3k came from. If they don't ask they should be.

On the issue of house in a suburb how far our are you looking to go? If in dublin is it d.14,16, etc or is it more leixlip maynooth dunboyne or Layton? I'd be more inclined to go for a house that meets my needs for the next 20 years than one that I'm going to need to sell in 5? So when you put in a bid, ask yourself can you live here in this house for the next 20 years? Are you happy with the area?

You will get more bang for your buck in a suburb as well

Koala14

Thanks folks, currently living near city centre north side so not wanting to go too far out ideally,Baldoyle, Santry, Finglas East all currently options we're thinking of.

Ritchi

If you can't afford to save a deposit, you can't afford the house. Hold on and keep saving until you have enough.

Rasmus

What's the rush? If you have to borrow money to make up a minimum deposit that should set off alarm bells. You can save that yourself within the year and probably get a better deal on a house - you are in a fantastic position in that you are not set about where you want to live yet.
If you really want to go for that it would be better to borrow money from a family member and have them declare it as a gift.