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First time mortgage with lump sum from parents but no savings?

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    #32
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    SmokeyEyes wrote: »
    Guys I was asking for a bit of advice not an attack. We're two responsible people who were made an offer to help us along and wanted to ask people on boards.ie at the weekend before we asked the bank on Monday. There's no need to be rude we knew it was a long shot but there's no need to get snide about it when you don't know us in the slightest. Thanks to all the genuine replies but we've made our decision.
    Sorry, but you're looking for a bank to give a mortgage to a couple with no savings and one temp job between the two of them and I don't think they'll do that anymore. Nor should they. It's the kind of thing that people complain about. Of course, when people complain about banks lending irresponsibly, they really mean when banks lend irresponsibly to other people.


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    #33
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Gatling wrote: »
    Something I don't think anybody has pointed out if your on social welfare and have a lump sum over 20,000 in a bank /credit union expect to have your payment reassessed possibly cut

    I'd echo this.
    If a large lump sum of 30k (or indeed smaller lump sums) were to appear in your finances- any means based social welfare payments would likely cease. Call it the law of unintended consequences.

    If you do use the 30k as a lumpsum against an apartment- the only way this would be acceptable to a bank/mortgage lender- is if there is a legally binding agreement, that it is a gift, and will not be repaid.

    S.


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    #34
    anndub
    Registered Users Posts: 508 ✭✭✭anndub


    wazzer1 wrote: »
    Do the banks recognise paying rent in a situation like this, looking for a mortgage with a lump sum? Would they recognise it instead of savings?

    Yes, they do. you need a ten percent deposit plus be able to prove that you have the capacity to meet your monthly repayments. If you have been paying rent on time every month to an equal our greater value of what you're monthly mortgage repayments are, you will not necessarily need to have saved a set amount any month. One of you will need to be in permanent employment though.

    Also, there's a huge difference in buying and renting an apartment. You can levee any time as a renter, why would you want to commit to owning a property like that? Aren't you planning a family at some point? Will you want to raise children in an apartment? The reason they are so cheap is because demand is so small. You may struggle to sell it on.


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    #35
    quietsailor
    Registered Users Posts: 1,428 ✭✭✭quietsailor


    There is an excellent mortgage broker on boards called Killers1, actually there is a thread in this forum called "ode to Killers1" so you should search out that and read what people said about him.

    I was thinking of looking for a mortgage at the start of the summer and contacted him about this. In the end I wouldn't have had the necessary savings history so i didn't go ahead with the mortgage application but Killers1 was still willing to show me how to set up my financial affairs so that it presents myself in the best possible light when I do apply for a mortgage in the future.

    Hopefully next year or the year after I'll apply and when I do I'll use Killers1 as my broker - it'll be the least I can do to put work his way after he giving me advice that he did't have to bother with - he wan't going to get any commission as I wouldn't get a mortgage


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    #36
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    anndub wrote: »
    Yes, they do. you need a ten percent deposit plus be able to prove that you have the capacity to meet your monthly repayments. If you have been paying rent on time every month to an equal our greater value of what you're monthly mortgage repayments are, you will not necessarily need to have saved a set amount any month. One of you will need to be in permanent employment though.

    Also, there's a huge difference in buying and renting an apartment. You can levee any time as a renter, why would you want to commit to owning a property like that? Aren't you planning a family at some point? Will you want to raise children in an apartment? The reason they are so cheap is because demand is so small. You may struggle to sell it on.
    OP did start a thread back in January talking about starting saving and a family. No idea if there's been progress on either front.


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