getting house finished with mortgage

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sillyaboutmo

Registered User
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Hi
My hubby and I are after a house that isnt finished. it needs all sanitary ware, kitchen, flooring, fireplace and decorating. the latter not important but kitchen and toilets are essential before moving in.

can any1 advise as whats the best thing to do.

hubbys earnings 35k. (i know i wrote 31k in an earlier post but that was his weekly pay x 52 no overtime or bonuses)

deposit 16k (gift from mum) we do not have to pay it back

saving between now and summer: 2-4k depending on emergencies

asking price of house 120k unfinished

can we make a deal with the vendor to finish it do you think and how would we go about that with mortgage company?
 
Is €35K gross or net?
Just the one income?
Any debts?
What are your current monthly incomings and outgoings?
How much do you estimate the renovations/improvements will cost?
How much would you need to borrow?
 
sillyaboutmo said:
hubbys earnings 35k. (i know i wrote 31k in an earlier post but that was his weekly pay x 52 no overtime or bonuses)
Click to expand...

My understanding is banks don't count overtime/bonuses the same as normal income as it is easy to cut/not guaranteed.
 
clubman
35k is gross
just the 1 income
only debt is car loan @€50/wk credit union.
We will be paying of this loan in the next couple of weeks after we get tax back we are owed and we are using shares. so debt free theoretically.
outgoing are
rent 560
shopping 560
oil 80
2 cars petrol 216
loan 216
car insurance for 2 cars 80
car tax 67.50
esb 60
thats all i can think of and are weekly figures x 52 divided by 12

will take €15k to get to moving in standards
house is on market for 120k
 
Just thinking out loud here and not really coming to any conclusions...

€35K gross seems to be about €30K net or €2.5K p.m.

http://taxcalc.eu/

Excluding rent you are spending about €1.3K but I reckon that some stuff is left out (e.g. Xmas/gifts, home/contents insurance, TV/license/phone/broadband etc.) so let's say €1K left each month which would go towards mortgage repayments.

If the house is €120K then a lender would probably only lend 90% or €108K. You culd need to make up the balance and fund renovations. Unless you get the house finished and then buy it for a higher price but qualify for a higher loan.

You can estimate mortgage repayments for different scenarios (capital sums, terms, rates etc.) using this calculator:

http://www.drcalculator.com/mortgage/ie/
 
yes i did leave out quite alot looking back. i bring in a few quid from selling avon so that covers some of it. i was thinking of doing betterware aswell not sure if it any good.
thanks clubman, we'll def look into getting the house finished and buying at a higher price. perhaps if we meet with the vendor we could negociate.
 
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