Should I buy a house?

A

annalucia

Registered User
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6
Personal and income details
Net (i.e. after tax) Income self: €49,000 and bonus €4,900 so total €53,900

Income history: Working in the same permanent job since April 2007

number of children: 0, partner has one child whereby he pays €400 pm support
Other savings and investments
I have 23,000 saved in an AIB account

Hi, my question is about getting a mortgage. I have just heard that there is a strong possibility that I will be made redundant by the end of the year. I have wanted to buy my own home for a while. I live in Dublin but I am from Cork originally. My partner is from Cork too.

I live in a rental accomodation with my partner of 4 years, he owns a house in Cork with an original mortgage of €200,000 (€190,000 outstanding) and it would now be valued at €80,000. The house is very far from Cork city where most of the jobs would be.

From reading previous posts, I see that it is unwise to put your name on a house with NE but I would like to get on the property ladder myself. I don't think I would like to put any of my savings into his property

Ideally I would like to buy near Cork City for circa €150,000 thus having a small mortgage to pay back. This house would be very easy to rent as its is close to the uni and hospital. I have been job hunting and have been offered contract roles in Cork for about €35,000 so I should be ok to find work. I will wait now for the redundancy to happen.

In summary:
Would it be better to not buy a house and live with partner in Cork (he is in the pharma industry and would most definately find work in Cork).
I would like to buy in Cork city and have looked around and a house that I would like to buy is €150,000. Would this be advisable.
Co-sign on my partners mortgage and use the money to improve on the house.

Thanks
 
IF YOU EVEN THINK YOU ARE TO BE MADE REDUNDANT
DO NOT BUY A HOUSE,
DO NOT ASSUME YOU WILL GET GOOD ONGOING CONTRACT WORK
,DO NOT ASSUME A HOUSE IS EASY TO RENT
DO NOT CO-SIGN ON YOUR PARTNERS MORTGAGE (WHY TAKE ON NEGATIVE EQUITY)

.
DO ASSUME A MORTGAGE MEANS THE BANK OWNS THE HOUSE.
DO ASSUME THAT IN FUTURE REPOSSESSIONS WILL BE {NORMAL}
DO ASSUME A MORTGAGE IS A 20 YEAR (DRAG)
DO KEEP YOUR SAVINGS.
Sorry for being SO strong but please,don,t walk into a long-term hole !!
 
Salmon, you see the caps locks button to your left hand side? You need to hit that button and make sure the light on your right handside is off!
 
peteb said:
Salmon, you see the caps locks button to your left hand side? You need to hit that button and make sure the light on your right handside is off!
Click to expand...

Sorry but given the question that s/he was answering I think Caps lock is correct to use.

OP, there is no ladder!

The OP wants to become a landlord with no income (given that she may be made redundant by year eand) how does this make any sense whatsoever?
 
Don't see any sense whatsoever in buying another house in Cork. Would ye not both start looking for jobs in Cork now and rent there for a year or two until you're settled? What happens if one or both of ye don't manage to get a job in Cork - what use would two houses there be then? Ya, maybe you could rent it but why on earth would you bring all that hassle down on yourself unnecessarily.
 
To Peteb, If I (hit) too hard sorry !!
Given what has happened so far on Mortgages, I would hate to see anyone walk into a mess.
So apologies if I came accross as other than concerned.
 
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