Hi All,
We paid off the mortgage on our house and are now considering buying a second property in Dublin (we live in different county).
My spouse will be working there for 5 years (at least) and we have a teen who has applied to Dublin colleges from September so it makes sense to us to buy rather than rent given the shortage and the rental costs.
We don't want to sell current house as I want to remain in my job and while I like Dublin, I don't want to live there full time.
We're trying to work out how much of a deposit we need, if we go ahead. We currently have 20% but we were thinking of it as being a 2nd home not an investment. Our reasons were that we will be living there, (not getting an income from it) and also because we don't have a current mortgage. But is that the way banks see it?
Do we need a 30% deposit is my question!?
Thank you!
We paid off the mortgage on our house and are now considering buying a second property in Dublin (we live in different county).
My spouse will be working there for 5 years (at least) and we have a teen who has applied to Dublin colleges from September so it makes sense to us to buy rather than rent given the shortage and the rental costs.
We don't want to sell current house as I want to remain in my job and while I like Dublin, I don't want to live there full time.
We're trying to work out how much of a deposit we need, if we go ahead. We currently have 20% but we were thinking of it as being a 2nd home not an investment. Our reasons were that we will be living there, (not getting an income from it) and also because we don't have a current mortgage. But is that the way banks see it?
Do we need a 30% deposit is my question!?
Thank you!