sun_sparks
Registered User
- Messages
- 416
Hi All,
This is a sorry tale of woe, and I'm looking for some advice and guidance on how to proceed.
My boyfriend and I were away travelling for two years, one of which was spent working in Australia (he in a related job to his current career, me not). We can provide proof of this.
Before we left, we were both working in related jobs for up to 3 years, although neither of us have 3 years continuous employment.
He earns: 42,000 (potential 10% bonus)
I earn: 28,500 (no bonus unfortunately)
Both currently live at home, so no rental.
Since we came home, we paid off loans of €9,000 (€4,500 each). My loan, however, was taken out by my parents, so I don't have proof of this. We have also covered large credit card bills entailed in getting ourselves settled back at home.
We currently have savings of only €6,000. This is where our problem arises. I have savings of only €120 in my CU. He has only €50. Yes, not very organised!
Our parents will gift us €5,000 but that's not quite enough to get us started.
We have been advised that we can get a 92% mortgage up to €352,000 (2.55 rate with PTSB). The mortgage broker said we should be able to get this as a 100% too, although I've read articles that contradict this.
Questions:
1. Houses are getting so expensive that we'd like to buy sooner rather than later. We'd ideally like a new house, but are looking at 2nd hand in Lucan and prepared to pay Stamp Duty if need be. (Max spend of probably €330,000)
2. Would we be better borrowing the remainder of the deposit or, as I feel now, borrowing 100% (if we can) and saving in a high interest account the amount we would have spent on credit union repayments?? Would this work??
I'd be grateful of any advice or stories of how other people got started!
Thanks!
This is a sorry tale of woe, and I'm looking for some advice and guidance on how to proceed.
My boyfriend and I were away travelling for two years, one of which was spent working in Australia (he in a related job to his current career, me not). We can provide proof of this.
Before we left, we were both working in related jobs for up to 3 years, although neither of us have 3 years continuous employment.
He earns: 42,000 (potential 10% bonus)
I earn: 28,500 (no bonus unfortunately)
Both currently live at home, so no rental.
Since we came home, we paid off loans of €9,000 (€4,500 each). My loan, however, was taken out by my parents, so I don't have proof of this. We have also covered large credit card bills entailed in getting ourselves settled back at home.
We currently have savings of only €6,000. This is where our problem arises. I have savings of only €120 in my CU. He has only €50. Yes, not very organised!
Our parents will gift us €5,000 but that's not quite enough to get us started.
We have been advised that we can get a 92% mortgage up to €352,000 (2.55 rate with PTSB). The mortgage broker said we should be able to get this as a 100% too, although I've read articles that contradict this.
Questions:
1. Houses are getting so expensive that we'd like to buy sooner rather than later. We'd ideally like a new house, but are looking at 2nd hand in Lucan and prepared to pay Stamp Duty if need be. (Max spend of probably €330,000)
2. Would we be better borrowing the remainder of the deposit or, as I feel now, borrowing 100% (if we can) and saving in a high interest account the amount we would have spent on credit union repayments?? Would this work??
I'd be grateful of any advice or stories of how other people got started!
Thanks!