How many people here have bought property on their own?

Letree

twignme wrote: »

I won €100 in a competition in 1980, I had no savings other than that. As a single woman I got a 95% mortgage at 3.5 times salary and I got the other 5% as a separate bank loan for the tiniest most basic two up, two down terraced house. I paid my solicitors fees by instalments (I didn't tell him I would be doing that until after the deal) and then worked 3 jobs to pay my bills. Since then and on my own, I have bought, renovated and sold four properties at the right time and now live mortgage free, still on my own. Too busy renovating properties to find romance I guess!! In all cases, I had no problem getting the mortgages.
I sometimes think there are folk who aren't prepared to start on the bottom step of the ladder.

Did you buy each property and live in it while doing it up and then sell or did you buy the properties as an addition to your own house.

RainyDay

selous wrote: »

Yep, got a tracker in 2008 off Halifax which is now Bank of Scotland Ireland, Had savings too though.
But ass fell out of the estate due to substandard build and seems it isn't planning compliant now (cant sell them)and it's worth less than a 1/4 of what I paid,
(Paint and render covers a multitude till the render falls off after it freezes)
On the Brightside I got a tracker,

What kind of survey did you get done before purchase? Any half decent survey would have picked up planning or other basic issues...

selous

RainyDay wrote: »

What kind of survey did you get done before purchase? Any half decent survey would have picked up planning or other basic issues...

Brand spanking new build duplex, the estate wasn't finished when I bought site engineer had signed off on everything, freshly painted inside and out NSAI and Bord Gais approved, My survey was done, only superficial things he found, as he wasn't allowed knock holes in walls to see if the right concrete etc was used, turns out sewage had an overflow straight into the river when pump broke down and stopped pumping,

Geuze

John_Rambo wrote: »

Self employed people aren't eligible for social welfare.

Incorrect.

Self employed can apply for JSA if they lose work, same as employed workers.

athtrasna

Mod note

This thread has nothing to do with social welfare benefits. There's a whole forum to discuss them on, this is not the place. Thanks

spurious

NIMAN wrote: »

Bought on my own in 2001, don't think I'd qualify these days on my own.

When I finished paying off my mortgage in 2008, I asked them if I walked in that day and asked to borrow enough to buy my house on my own again, would they entertain me? They almost laughed and said no.

Unearthly

Bought an apartment in castleknock on my own with BOI. I have a fairly modest salary

I had a ridiculous amount of savings from years of spending wisely

Kai123

Unearthly wrote: »

Bought an apartment in castleknock on my own with BOI. I have a fairly modest salary

I had a ridiculous amount of savings from years of spending wisely

May I ask what a modest salary is to you?

I can save 1k a month on a 31k per annum, and have 8k saved. I live in a house-share to do this.

It will be another year before I can afford somewhere nice on my own but for my own sanity I might rent somewhere after my lease is up in March.

athtrasna

Kai123 wrote: »

May I ask what a modest salary is to you?

I can save 1k a month on a 31k per annum, and have 8k saved. I live in a house-share to do this.

It will be another year before I can afford somewhere nice on my own but for my own sanity I might rent somewhere after my lease is up in March.

Pm maybe? It's certainly not on topic for this thread

Geuze

Bought in 2005 on my own, aged approx 30.

Asking 280k, paid 278k.

Borrowed 155k, at ECB +0.79%.

Earning approx 50- 55k at the time.

So borrowed 3x gross salary.

A year or so later, moved to ECB +0.5% with same bank.

Rate is now 0.55%, so interest bill is very low.

JuliusCaesar

spurious wrote: »

In the 80s I had to put up with all sorts of sexist nonsense trying to borrow on my own as a woman.

I remember asking in a building society if I could buy a house together with my sister, around then. They said we could only borrow I think 1 and half times my salary, and half (0.5) of hers. We said we weren't a married couple and wouldn't be having kids, but they said that those were the rules and could not be changed. We assumed that would be the case in all banks and gave up.

On my second property now, bought alone in 2008 as a single parent. Had a large deposit and borrowed 65% of the price, which was about 4 times my salary.

Shall we say, it's been difficult - but worth it to me. I like the house, I like the area, but I have NO savings.

spurious wrote: »

When I finished paying off my mortgage in 2008, I asked them if I walked in that day and asked to borrow enough to buy my house on my own again, would they entertain me? They almost laughed and said no.

sob! I'll be in my 70s when the thing is paid off!

James Bond Junior

JuliusCaesar wrote: »

sob! I'll be in my 70s when the thing is paid off!

But it will be all yours!

fro9etb8j5qsl2

My brother bought on his own 6 months ago with boi. Salary of around 35k, deposit of 9k and mortgage of 76k. No dependants and only saving regularly for 6 months previous. The majority of his deposit came from a lump sum that the bank never asked any questions about.

alibab

Yes I bought on my own . Divorced single mother with 2 kids . Moved in just over a year ago and renovated the house inside since . Saved my deposit over a few years . Very happy and delighted to be independent as was always worried when renting that would have to move at any time and wanted stability.

slowjoe17

Earleybird wrote: »

Deposit of 15% was required due to EBS underwriting rules for apartments over a certain story, needed a bit of help from the folks as a result but had been approved for nearly x5 of salary which I subsequently didnt need to fully draw down.

The x3.5 is obviously quite restrictive but I would think the 20% deposit is a bigger problem for young people trying to get their own place. Will be interesting to see what impact Mortgage Indemnity Guarantee insurance could have if the scheme was adopted here.

The 20% deposit doesn't exist for first time buyers, and high rate deposits aren't an issue below extremely high salaries. Let's do the math on where the 20% deposit requirement starts:

10% up to 220k = 22k
This implies mortgage of 198k
With a 3.5x multiple, this can be reached at a salary of 56.5k

The salary/deposit requirement on a 300k property is 75k and 12.67%.

The deposit requirement only reaches 15% on a 440k property, and 17% on a 740k property.

bmwguy

I bought in 2010 on my own, 220k purchase deposit was 20k I borrowed 200k. I was 29 years old, still live here. 3 years previous I tried to buy the same house for 360k but I was refused the mortgage thank Christ. The development was taken off the market then and then put back on in 2010. Funny thing is even though the reckless lending was well known at that point all I gave to my broker was 1 payslip and 6 months bank statements which weren't really suitable for mortgage application, full of ATM withdrawals on the beer, small evidence of an online gambling account and I had a credit card balance which I never disclosed or was asked about. No p60, no evidence of where deposit came from. Application took about a week from start to finish. I guess my broker was on good terms with somebody in the bank

SarahMollie

sugarman wrote: »

At the moment id be looking to buy in the €200k range, but as I said, in no real rush.

There are plenty of 2/3 bedrooms in Dublin, in nice areas for that.

Not in my experience. Can you give an example of areas you can get a place for €200k? You'd definitely only be talking about apartments, there are no houses in that price bracket in anything approaching a good area.

Kai123

Regarding the deals offered by some banks (legal cost deal from KBC, 2% back from PTSB), would they factor these in when looking at finances after the mortgage goes through? Would the banks treat it as extra cash as a buffer rather than having the cash on hand in the first place?

Jen44

Id imagine they would they usual ask you to demonstrate how you are going to pay for stamp duty and solicitor but they wont be asking that if you are not required to pay them. Are KBC paying legal fee's now?

messrs

Bought on my own, 2009, initially through ICS which have since been taken over by BOI

SarahMollie

Kai123 wrote: »

Regarding the deals offered by some banks (legal cost deal from KBC, 2% back from PTSB), would they factor these in when looking at finances after the mortgage goes through? Would the banks treat it as extra cash as a buffer rather than having the cash on hand in the first place?

I doubt it, as you still have to have the cash to pay the fees as they fall due.

I bought (on my own) earlier this year and got the 2% deal with BOI. I still had to pay for everything as normal and then they make a deposit of the 2% cash back sum into your account anything up to 9 weeks after draw down.

As it happened, I think they paid it to be about 3/4 weeks after, but still you can't actually demand it of them as soon as you draw down your mortgage.

Del007

SarahMollie wrote: »

I doubt it, as you still have to have the cash to pay the fees as they fall due.

I bought (on my own) earlier this year and got the 2% deal with BOI. I still had to pay for everything as normal and then they make a deposit of the 2% cash back sum into your account anything up to 9 weeks after draw down.

As it happened, I think they paid it to be about 3/4 weeks after, but still you can't actually demand it of them as soon as you draw down your mortgage.

Mind if I ask why you choose to go with BOI? Also did you go for fixed or variable?

Cheers

Unearthly

Kai123 wrote: »

Regarding the deals offered by some banks (legal cost deal from KBC, 2% back from PTSB), would they factor these in when looking at finances after the mortgage goes through? Would the banks treat it as extra cash as a buffer rather than having the cash on hand in the first place?

With BOI this is no. They don't even take into account imminent salary payments. They want you to have a few grand in the account once all fees including legal are paid

Moonbeam

I bought a small house on my own house in 2006.
It was not easy and I worked 2 jobs for years but it was better then renting.

John_Rambo

I bought on my own. But it was easier then, it was still very rare for a single young guy to have his own house. It's a proper shame that people are being punished for others stupid mistakes now and hard working singletons can't buy a modest <SNIP> in a nice area.

Singletons need <SNIP> where they can announce to dates that they own their own place.

cormie

I'm assuming most people who bought on their own are, or were, single at the time or at least not in a relationship you wanted to make such a commitment as buying a house together, or just bought it as investment and not to get away from dead money rent?

Well, did any of you ever consider buying with a friend or anyone else with the same idea to increase options and mortgage amount? If so, what were the reasons you decided against it?

For anyone out there looking to buy, have you considered this at all and has anyone got a list of advantages and disadvantages of such an arrangement?

Eugene Norman

cormie wrote: »

I'm assuming most people who bought on their own are, or were, single at the time or at least not in a relationship you wanted to make such a commitment as buying a house together, or just bought it as investment and not to get away from dead money rent?

Well, did any of you ever consider buying with a friend or anyone else with the same idea to increase options and mortgage amount? If so, what were the reasons you decided against it?

For anyone out there looking to buy, have you considered this at all and has anyone got a list of advantages and disadvantages of such an arrangement?

You'd really have to like your friend. Do banks even give those kind of mortgages?

Eugene Norman

Violet Shaggy Bead wrote: »

My brother bought on his own 6 months ago with boi. Salary of around 35k, deposit of 9k and mortgage of 76k. No dependants and only saving regularly for 6 months previous. The majority of his deposit came from a lump sum that the bank never asked any questions about.

That's odd. They definitely asked that off me.

cormie

Eugene Norman wrote: »

You'd really have to like your friend. Do banks even give those kind of mortgages?

What if it was done on the agreement that only one of you lived there and the other room could be let out to pay the absent owners half of the mortgage I wonder? Imagine you got a place together and one of you wanted to travel for a year or two and rent out their room for that time.

leanonme

Only working since 2013, purchased a house last year, 140000, 125000 mortgage, 3.5 times my salary. I'm in a long term relationship but he stayed off the application as he could not get life insurance, so its all in my name, and all the savings for the deposit etc were all mine. He had all the savings to do up the property etc.