Buying a House

Friends;

I am new here and I got an advice that as I am not planning to leave Ireland soon I need to think about buying a house; but I do not know any thing about this process

Is it a good time now to buy a house??

What is the procedure for this (i.e. about Mortgages)?? Suppose I found house that I like then what?? How long it would take to complete this??


Is it possible the the Mortgages would cover all the value of the house??

What other payment would the house owner do? i.e. when u rent u will do the rent and the utilities bills is it the same when u own the house? so it will be the mortgage payment and the bills

What about Taxes?? for sure u will not have a rent relief..

Regards

Have you actually read any of c. 40,000 posts in this forum before posting?!?!

I{U}Ireland said:

Is it a good time now to buy a house??

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Who knows?!?

What is the procedure for this (i.e. about Mortgages)?? Suppose I found house that I like then what?? How long it would take to complete this??

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Covered many times in other thread including the key posts.

Is it possible the the Mortgages would cover all the value of the house??

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100% mortgages are possible - yes.

What other payment would the house owner do?

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Covered elsewhere.

i.e. when u rent u will do the rent and the utilities bills is it the same when u own the house?

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Don't understand.

so it will be the mortgage payment and the bills

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No - mortgage is payment for the house. Bills are separate.

What about Taxes?? for sure u will not have a rent relief..

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Taxes on what?

Hard to know whether it a good time to buy or not, but if you want to, its a good idea to visit a bank with details of your earnings so that they can give you an idea of how much you could potentially borrow. If you get approval for a certain amount you can start looking for something in this price range, and if you see something you like, this approval makes it much quicker to go on and get the mortgage quickly. Other costs are solicitors fees (once off), house insurance (annual) mortgage protection (in case you die before mortage payment is complete). on top of that you have utilty bills, bin charges etc. You also get tax relief on the interest of the mortgage. hope this helps.

The Financial Regulator has produced a booklet called "mortgages made easy" which explains what the different types of mortgage are, what you should take into account when borrowing, and tips on how to get the most suitable mortgage for you.

You can download it from their website

The EBS produces a guide for first time buyers which explains the process of buying a property. I'm sure other lending institutions do too.

The EBS one is online as part of their Inside Track guide to personal finance issues.