Raising the Dreaded Deposit, Take 2

G

G7979

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I have been reading the threads but was hoping for some updated information, some of the information dates back to 2003



I have been living the "hippy dream" with my boyfriend for the last 18 months in Australia and Asia; we have just returned and have started jobs, etc. After doing our sums, we can afford 1200 per month comfortably for a mortgage, plus 250 per month for a car loan. (Financed this from abroad about 18 months left on this loan) I also have an SSIA at the max. Our problem is we are both back with our parents, and are feeling a little stifled, our original plan of stick it out until we have the deposit is not looking so possible now!! Our basic dilemma is do we pay 1200 per month to a landlord or is there a bank out there that will take our money so we can get a place of our own, we are both 25 and FTB, and apart from the car loan our only outgoings is I have an SSIA which is due to mature in 12 months. and we both have mobile phones



So I have two questions,

We need to raise the deposit, we are currently saving the 1200 per month and anything extra we can, (min 1200 per month) Gifts from family members or guarantees etc are not an option, neither set of parents are in a position to help financially,

Can I get the deposit from the Credit Union? Or has that loophole closed I think the most recent posts on that were 2003/ Early 2004



100% Mortgages, have they opened up the profession list?



Any help suggestions would be appreciated, also we are currently saving with the CU, is there a better option for the lump sum we have for the deposit?
 
100% mortgages are available to qualified accountants, lawyers, doctors, dentists, vets, pharmacists and actuaries. You can get the deposit from the Credit Union but is will reduce the amount you can borrow. I would suggest you apply your €1200 a month to clearing the car loan first of all. If you would like to post details of your occupations and incomes I'll be able to give you an idea of your borrowing capacity both with and without the loan.

Sarah

www.rea.ie
 
Hi Sarah

Thanks for that, I work as a letting agent I get paid fortnightly, €855.08 (net) plus commission, I have been employed with the company for 4 months,

I don't have his details but, its approx 1800 per calander month net, he works for an insurance company

The SSIA is 254 per month

The Car loan is 235.65 per month, but I have upped that to 250

on average our mobile bills are 50-75 each per month,
 
Based on the figures provided and asuming you are under age 35 (i.e. you can take a 30 year term) your borrowing capacity with the car loan remaining is c€240,000 - if it were gone this rises to €280,000. The maximum advance in either case would be 92% of the purchase price.

Sarah

www.rea.ie
 
Thanks a million for that, would a pattern of commission be taken into account we both work on commission, the amounts I gave you are ex comm,

Think I will start hitting the car loan and put off the deposit so,
 
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