older buyer

[emerald]

Hi,
I am 40 and seperated (with a legal seperation) I have 100K from sale of family home. I want to buy a house. I am looking in the 230 K to 250 K bracket. I earn 25K before tax. I feel that I would be talking a 20 year term, maximum 25 years. I have the stamp duty money and furniture etc. money seperately. Can anyone tell me if I will be given a mortgage and if so what term and a rough guide to repayments. I am willing to rent a room and am looking in an area where renting would not be difficult.
All options, opinions welcome

 

[ClubMan]

I have the stamp duty money

In relation to stamp duty it might be relevant to know that where a married couple separate or divorce and one of them retains the family home as their principal private residence (PPR) then the other person can benefit from first time buyer benefits (e.g. reduced rates of stamp duty and higher rates of owner occupoer mortgage interest relief) if they subsequently purchase another PPR. See for more on this.

 

[Sarah W]

Assuming you have no loan or maintenance commitments and that your salary of €25,000 is basic you'd qualify for a mortgage of circa €130,000 over 25 years with repayments of €614 before tax relief and insurance. Some lenders require the mortgage to be repaid by age 65; some will go to age 70.

Oh, and at 40 you are not old - trust me on this one!

Sarah

www.rea.ie