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    Archived pages: 512 . Archive date: 2012-07.

  • Title: First Time Home Buyers Guide
    Descriptive info: Chapter 7: Help, I can't afford to buy a home - what are my options?.. Even though house prices have dropped considerably over the last year, you'll still need quite a few quid to buy a home.. The average house price nationally is 267,594.. And if you re planning on living in Dublin, you d have to add.. about a hundred thousand euros to that figure to buy the average home.. That's a lot of money.. What s more, in the current credit crunch, the banks have tightened their lending criteria, so getting a mortgage is.. much harder than it was even a year ago.. Unless you have decent savings in the bank and a good salary, it can be difficult to get a big  ...   renting or (even worse) living at home with the folks for the rest of your life?.. Well, don't give up hope just yet.. Here's a few things to try first:.. Previous Page.. Next Page.. Contents Page.. Download the Full 127 Page Home Buyers Guide.. Search the Home Buyers Guide using Google:.. Download a Sample Chapter (free).. or instantly download the full 100+ page guide for 17.. Get a Mortgage Quote NOW.. Quotes from Mortgages Direct.. Low Cost Legal Fees.. For Home Buyers or Sellers.. 799 + vat + outlay.. House Surveys, Snags, BER.. Find a surveyor at surveyors.. ie.. Mortgage Quote.. Property Surveys.. Snag Lists.. BER Energy Ratings.. Property Guides.. Property News.. Home Buyers Guide 2009.. HOME BUYER WEBSITES:.. 2009.. Pay Per Click.. by.. PPC Ireland..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Option 1: Speak to a Mortgage Broker.. The first thing to keep in mind is that there are lots of different lenders offering mortgages in Ireland.. You ll be familiar with some of them, like Permanent TSB, First Active, AIB and Bank of Ireland.. You may not be familiar with other lenders like Haven Mortgages and KBC Mortgages.. Each Bank and Building Society use different lending criteria, or rules, to decide how much they would lend you.. Just because one bank s offer falls twenty or thirty or fifty thousand euros short of what you need, doesn t mean that another bank won t come up trumps..  ...   they deal with mortgage lenders every day, they ll know which lenders will suit which customers, and which lenders are more likely to lend you more money.. They ll also know which lenders have tightened their lending criteria and which ones are open for business.. And most brokers won't charge you a fee.. If you haven't done so already, the first thing you should do is to speak to a broker and find out what the maximum approval figure they will be able to get you.. To arrange mortgage approval, call independent mortgage advisers Mortgages Direct on 1890 44 66 44 or fill in.. an.. online mortgage enquiry..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Option 2: Rent A Room Scheme:.. Are you planning on buying a property with more than one bedroom?.. If you are, the Government's 'Rent a Room Scheme' could be answer to your problems.. Under the scheme, you are allowed to rent out spare bedrooms in your home, to tenants and earn rental income.. of up to 10,000 per year, without having to pay any income tax on the rent you receive.. And because your new roommates will be paying you rent (and in the process  ...   Daft.. ie to see how much a room would rent for in a similar home in the area, and mention the rental you d expect to get in your mortgage application.. The banks will usually limit the amount of rental income they ll take into account, but it should increase what you can borrow.. For obvious reasons, the lenders will not increase what you can borrow if you are buying a studio or 1 bedroom.. apartment, because you'd have no spare rooms to rent out..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Option 3: Is a Specialist Lender an Option?.. The 'high street' banks and building societies tend to favour PAYE workers and people with spotless credit.. histories.. If you are self employed or have a less than perfect credit history, a specialist lender may be your only option.. The downside is that they tend to  ...   higher than are.. available from other lenders, but if you can t get a mortgage elsewhere, it's an option to keep in mind.. Most specialist lenders do not deal directly with the public, so you ll have to apply through a mortgage broker.. There are now only 1 of these lenders in Ireland:.. Start Mortgages..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Option 4: Can a family member act as a Guarantor?.. The use of guarantors doesn't seem that common anymore, but a few lenders will still allow you to use a family.. member to guarantee your loan.. As far as I can tell, a lot of lenders are reluctant to use guarantors these days, because they want to be sure you can make the repayments on your own.. Speak to your mortgage broker for more details.. Option 5: Buy a home with a friend  ...   home on their own.. But because houses have become so expensive, qualifying for a mortgage on just one salary is pretty difficult.. As a result, buying a home with a friend or family member is an option that's becoming more and more common in.. recent years.. It s a simple case of multiplication:.. twice the salary = twice the mortgage.. So although it may not be your first choice, it could allow you to get on the property ladder, albeit it with someone.. else..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Option 5: Buy a home with a friend or family member.. cont:.. CONS of buying with a friend:.. You only own half the property.. At some stage in the future, you'll generally have to sell the property or buy the other persons share.. Option 6: Affordable Housing Scheme.. The affordable housing scheme is a government scheme which aims to help people on lower incomes get on the.. property ladder.. Only specific homes are covered under this scheme, generally in new developments.. What makes them affordable is that they are available at prices that are much lower than the market  ...   it's certainly an option worth considering.. You can download a guide explaining the scheme at the AffordableHome.. ie website.. Option 7: Home Choice Loan Scheme (announced in Budget 2009).. The Home Choice Loan is a mortgage provided through a number of local authorities for First Time Buyers who can not get sufficient finance from a bank or building society.. Home Choice Loan will provide up to 92% of the market value of a property purchased, to a maximum of 285,000 with a mortgage term of up to 30 years.. The loan will only be available for newly built homes..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Example:.. John is in his early thirties and earns 41,000.. He has been approved a 90% mortgage of 205,000 if he buys a.. property on his own.. He wants to buy a home in Dublin, so this mortgage approval figure is significantly lower.. than he requires.. His sister Sarah is 28 and she is also interested in getting on the property ladder.. She earns 37,500.. By applying together, John Sarah could expect to qualify for a 90% mortgage of 392,500.. Getting a Mortgage when buying with a friend or family member:.. Most mortgage lenders are happy to offer mortgages to friends buying property together, as long  ...   more than two people buying the.. property together).. You have to take out a joint mortgage together, rather than two separate mortgages.. Borrowers are 'jointly and severally' responsible.. This means that rather than being responsible to pay half the.. mortgage, each borrower is responsible for the whole amount.. So, if one person doesn't pay, the lender will expect the other to make up the difference.. If payments are missed, it would affect both borrowers credit rating.. If you have any doubt about your friend s ability to pay the mortgage, either now or in the future, you should.. think twice about buying a property with them..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Option 7: Home Choice Loan Scheme (cont).. To qualify for a Home Choice Loan applicants must:.. be a first time buyer (some exceptions may apply);.. earn more than 40,000.. be in permanent employment for two years or if self-employed be able to submit two years certified accounts;.. have proof of being unsuccessful in securing a sufficient mortgage from a bank or building society to buy a.. home.. For more details, visit HomeChoiceLoan.. Option 8: Buy A House Far, Far Away (And Commute).. It's probably not what you want  ...   more people have to go for, to buy their.. first home.. Just one suggestion though.. If you plan to buy in a town you don't know too well, it's vital to do your homework.. And one thing you must do, is to drive the commute in rush hour to see just how long it will take to get to and from work.. And whatever you do, when an estate agents says that the property is 35 minutes to the city centre please take it with a pinch of salt..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Chapter 8: Insurance.. Insurance for home owners:.. When you re buying a home, there s a variety of insurance products you should consider.. At a minimum, your mortgage provider will require you to have:.. Mortgage Protection (life insurance).. House Insurance (structural cover).. You should also consider the following optional insurances:.. Serious Illness Insurance (which can be built into your mortgage protection cover).. Contents Insurance (which is usually built into your house insurance cover).. Mortgage Repayment Protection Insurance.. What is mortgage protection (life insurance)?.. Life insurance pays out a lump sum in the event of  ...   off your mortgage if you die during the term of your mortgage.. Typically, mortgage protection insurance is on a decreasing term assurance basis.. This means that the cover.. reduces in line with the reducing balance of your mortgage.. So for example, if you take out a 250,000 mortgage over 30 years, your mortgage balance would be approx.. 81,000 after 25 years of mortgage payments (assuming an interest rate of 6.. 5%).. Your decreasing term assurance is designed to pay off that reducing mortgage balance i.. e.. in this example, 81,000 if claimed in year 25..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Insurance for home owners.. Alternatively, you can choose level term insurance.. Level term insurance is a little more expensive, but the cover.. remains consistent for the term of the insurance.. So using the example above, term insurance would pay out the full 250,000 after 25 years, whereas the decreasing cover would pay out 81,000.. If you have level term insurance, the  ...   left to your estate.. If you take out a joint mortgage, you are required to take out a policy to cover both you and your partner, so that the mortgage would be completely paid off if either of you died.. House insurance generally covers the structure of the home against damage by fire, explosions, storms and floods, malicious damage, subsidence and landslip..

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  • Title: First Time Home Buyers Guide
    Descriptive info: You do not have to insure the house for the full purchase price simply what it would cost to replace the house if it was destroyed.. This is called the replacement value.. The mortgage valuation report completed for your lender will specify what the replacement value should be.. When taking out a house insurance policy, the lender will need their interest in the house to be noted on the policy and most lenders will also require a letter of indemnity from the insurance company.. Serious Illness Cover.. Serious Illness cover is designed to pay off the mortgage if you suffer from a specified illness covered by the policy.. (Your insurance company will  ...   After having a heart attack, for example, your mortgage would generally be paid off under this type of policy, even if you fully recover.. Your lender does not require you to take out serious illness cover but it is great insurance to have if you can afford it.. Let s face it, if you suffer from a serious illness and cannot work, paying the mortgage would be much more difficult.. Contents Insurance.. Most insurance companies and brokers can offer you a joint policy for both the contents of you house (such as your TV, stereo equipment etc) and the house itself, which usually works out cheaper than taking out two separate.. policies..

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  • Archived pages: 512