Hi @vicky7833 ,
As long as you are a first time buyer, then you are a candidate for HTB. HTB is also a tax rebate based on the previous 4 years so if you have been working consistently in the period then it is very likely that you will be able to avail of the HTB
As a first time buyer, you can borrow 3.5x salary at a maximum 90% loan to value meaning you could borrow up to €175k with a 10% deposit (approx €20k). Effectively your upper price range is at €195k. There are other costs involved in buying such as stamp duty, solicitors etc so you will need to budget for more than this. Your first target should be to reach €30k in savings.
Secondly, go to a mortgage broker and discuss your situation. A good broker will help you plan for your application by:
Realistically you are 2 years away from saving enough to get started so that same broker should tell you this and politely send you on your way to start saving telling you to come back when you are at €15k
- Reviewing your finances and giving you an honest opinion
- Advising on how to show a good savings history
Thirdly, you need to get a good handle on your personal finances. On a salary of 50k, you should have serious scope to save €1-1.5k per month. Obviously your salary has grown over the years so you probably didn't have the capacity to save as much but now you have the straight forward decision to begin making some sacrifices to save as much as possible
Finally, your car insurance is crazily expensive even with a claim against it. You need to shop around for better quotations on your next renewal. Or alternatively, depending on where you live. Would you be willing to sacrifice the car and insurance and use public transport and/or bikes for getting around?
First off, well done for getting yourself to this point and best of luck with your next steps.Hi,
Thanks so much for taking the time to write that response. It has only been in the last few years that I’ve worked my way up to a decent salary. Before I was scraping by.
I have been terrible at saving and always used my time off to travel so never had any disposable income that I wanted to save! I’ve lots of good memories though so I’m happy.
Yes my car insurance is extremely expensive. It was 4K at the end of 2019. It’s due to for renewal at the end of this year. I really hope it goes down. I will shop around. I know it’s crazy money but I would be lost without a car in Donegal although I guess working from home would help!
I will start to save number 1 and as you said when I’ve savings of at least 15k I will make an appointment with them. It will take me awhile but I will get there
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?