Hi everyone,
My circumstances are the following: I own a 50% share in a dilapidated property which was gifted to me. I have a salary of €38k and have been saving for the past 8 months and have €8.5k put away. I also have a car loan of which there is €10k still remaining and I am paying back at €360 per month.
The property (approx 3500 sq ft) is in Cork City centre and I wish to develop it into one 3 bedroom apartment which I will inhabit and one 2 bedroom apartment which I will rent out. I have had an architect draw up plans and a a builder has estimated costs at around €120,000. I also wish to buy out the remaining share from the other stake holders which would be approximately €30,000.
What level of savings do people think I will need to achieve in order for a bank to lend me the money I require? What will be my major obsticles in attaining a mortgage?
I would be very grateful for any advice and/or feedback from people who have had somewhat similar circumstances!
My circumstances are the following: I own a 50% share in a dilapidated property which was gifted to me. I have a salary of €38k and have been saving for the past 8 months and have €8.5k put away. I also have a car loan of which there is €10k still remaining and I am paying back at €360 per month.
The property (approx 3500 sq ft) is in Cork City centre and I wish to develop it into one 3 bedroom apartment which I will inhabit and one 2 bedroom apartment which I will rent out. I have had an architect draw up plans and a a builder has estimated costs at around €120,000. I also wish to buy out the remaining share from the other stake holders which would be approximately €30,000.
What level of savings do people think I will need to achieve in order for a bank to lend me the money I require? What will be my major obsticles in attaining a mortgage?
I would be very grateful for any advice and/or feedback from people who have had somewhat similar circumstances!