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Mortgage Deposit First Time Buyers

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  • 22-07-2016 2:59pm
    #1
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭


    This post has been deleted.


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    There are a number of exceptions that the banks can give out, which is probably what your friend got. They tend to be limited for certain customers, e.g. those with low loan to income ratios. This is the only legal way around it.


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    #3
    Angel2016
    Closed Accounts Posts: 194 ✭✭Angel2016


    It's a tricky one I bought in 2009 a one bed apt my husband didn't he never has owned anywhere and we are classed as second time buyers and were told by a few places we needed the 20% which is near impossible, my property has just gone sale agreed last week we might get a few thousand out of that which we will bank and just keep adding to it but for us we would like a house for 250K so we would need 56K which would include fees, stamp duty etc..

    I did go to a broker who said we could be classed as movers rather then second time buyers and could get away with the 10% but he was not totally sure it would work he said its a case of talking to the right banks but because we are renting and paying 1250.00 he said that would help our case but we still need to save for another 17 months we think to get about 30K in total together as we are average earners taking home about 4500.00 per month.
    Its disheartening and when I think I will be renting for another 1.5 years I dread it but I would say get some advice from a good honest brokers who will steer you in the right direction or if you trust your bank contact their mortgage specialist.


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