Just been declined a mortgage due to my contract only being temporary,
Maybe not a popular approach on this forum, but you could see about getting a personal loan from the Credit Union to make up the difference.
Except for the fact that a credit union can't issue a personal loan to fund the purchase of a property. I'm sure some do in practice but their regulations prevent it, which seems mad where the LTV might be 25%/Clearly a mortgage would be cheaper.
But if someone is short a small amount to buy a home and have to pay 9%, so be it.
May i be so bold to ask why you did sell?Age: 37
Spouse’s/Partner's age: 37
Number and age of children: 1 - 3 years
Income and expenditure
Annual gross income from employment or profession: €43,000
Annual gross income of spouse: N/A
Monthly take-home pay: €2600
Type of employment: Civil Servant
In general are you:
Saving €600pm
Summary of Assets and Liabilities
Renting at €850pm
Cash of €165,000
Family home mortgage information
Sold our family home in 2022 (no mortgage) and have been looking for another property since. Just been declined a mortgage due to my contract only being temporary, unable to afford a house in the current market with €165,000.
Other borrowings – car loans/personal loans etc
No debt.
Buy to let properties
Other savings and investments:
Single pension with HSE. Only been contributing since Dec, 2022
Do you own any investment or other property? No, but I'm considering buying as an investment.
What specific question do you have or what issues are of concern to you?
I've been declined a mortgage and can't afford a family home in an area we want to live in. I have €165,000 in cash that's just sat in a current account earning nothing. I'm considering whether to invest in a buy to let as a cash buyer. Apartments around Waterford City are between €120k to €140k and rental return is still quite high. I'm wondering might this be a good investment for a couple of years to allow me to save more and increase my budget for my own home.
Or would I be better investing in something else?
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