Hi all,
I was wondering would anyone be able to advise me on the following:
I am looking into buying a house in the next 12-18 months, I am single (FTB) and have saved up a deposit of €100k, no debts and have a permanent job.I work in Dublin city and would like a place close to the city for work / reasons and that's where I am settled and see myself staying in the long-term.
I know with all the uncertainty at present, it mighn't be the wisest time to consider buying. However, I have rented and shared a house for long enough and would like to put my money in bricks and mortar rather than keeping it with the banks.
I don't want a large mortgage with a long term and am interested in 3-bed houses in mature areas, I'm interested in Harolds Cross and Churchtown specifically as these are the two areas that I have lived in and know well. I would be happy living in either.
I did have mortgage approval from several banks 2 years ago for a ridiculous amount but I decided to wait as I thought prices were ridiculous at the time.
Recently my parents mentioned that they wanted to diversify some of their savings into property i.e. purchase an investment property in Dublin.
They have said they are happy to go into a partnership with me. My question is, is this possible as together we would be able to buy a much nicer house in a decent area, I was thinking that we would contribute 1/3 each and a mortgage (circa € 100k max.) for the other 1/3 in my name.
I haven't looked into the legal / tax issues yet as I am wondering is this even possible. Would the banks laugh at this type of proposal?
Is there an alternative?
Interested if anyone has an opinion to add.
I was wondering would anyone be able to advise me on the following:
I am looking into buying a house in the next 12-18 months, I am single (FTB) and have saved up a deposit of €100k, no debts and have a permanent job.I work in Dublin city and would like a place close to the city for work / reasons and that's where I am settled and see myself staying in the long-term.
I know with all the uncertainty at present, it mighn't be the wisest time to consider buying. However, I have rented and shared a house for long enough and would like to put my money in bricks and mortar rather than keeping it with the banks.
I don't want a large mortgage with a long term and am interested in 3-bed houses in mature areas, I'm interested in Harolds Cross and Churchtown specifically as these are the two areas that I have lived in and know well. I would be happy living in either.
I did have mortgage approval from several banks 2 years ago for a ridiculous amount but I decided to wait as I thought prices were ridiculous at the time.
Recently my parents mentioned that they wanted to diversify some of their savings into property i.e. purchase an investment property in Dublin.
They have said they are happy to go into a partnership with me. My question is, is this possible as together we would be able to buy a much nicer house in a decent area, I was thinking that we would contribute 1/3 each and a mortgage (circa € 100k max.) for the other 1/3 in my name.
I haven't looked into the legal / tax issues yet as I am wondering is this even possible. Would the banks laugh at this type of proposal?
Is there an alternative?
Interested if anyone has an opinion to add.
