With rent increasing is now the time to buy a 2nd property from the bank

flattythehurdler · February 9, 2021, 12:33pm

I was told that recently about a fixer upper, I’d be as well off knock it and start again.
I also think you may need planning permission to renovate any house that has been derelict for more than 20 years (there’s summat like this in Galway anyhow)

Heyyoubehindthebushes · February 9, 2021, 12:55pm

The application is easy enough online but you may be waiting months. You may need to get several quotes too depending on the work needed

Massey · February 9, 2021, 1:27pm

If the electricity as been off for a while(2 years I think) you’ll have to pay full whack to have it reconnected

fistoffury · February 9, 2021, 3:23pm

Never heard that about the derelict house.

flattythehurdler · February 9, 2021, 3:48pm

Pretty sure it’s true in Galway anyway. But as a lad said in Galway, you can do what you want if no-one complains

fistoffury · February 9, 2021, 4:02pm

That’s the truth, right up to the point of selling it. Then you gotta find someone not interested in the planning irregularities.

flattythehurdler · February 9, 2021, 5:31pm

Anseo

fistoffury · February 9, 2021, 5:50pm

Or a few friends in government, but im not as qualified as others around here to comment on that.

caulifloweredneanderthal · February 12, 2021, 9:16am

@Big_Dan_Campbell or any other poster that might know about these things

Let’s say there’s a new house for 300k. It’s available under the help to buy.
The potential buyer has eligibility for 30k back on the HTB.
They would also be able to get the mortgage approval for 270k.

Would they still need to have the full 30k deposit, or would the HTB essentially cover the deposit? (Thinly veiled, @caulifloweredneanderthal doesn’t quite have the 30k deposit)

Thanks in advance chaps.

Locke · February 12, 2021, 9:19am

Pretty sure the HTB covers your deposit. But stand to be corrected.

caulifloweredneanderthal · February 12, 2021, 9:24am

I might be a house owner before I’m 40 at this rate. One of those things I thought I’d have boxed off (and indeed had mortgage approval) before I was 30, but c’est la vie

Big_Dan_Campbell · February 12, 2021, 9:40am

You don’t need the full deposit, you can apply for the HTB on the revenue site and it will tell you how much you are entitled to. You then take this to the broker/mortgage provider and it is factored in to the deposit when applying. So if it is covering the deposit then you just need to show that you have the stamp duty and solicitors fees in savings and can cover the monthly repayments.

Locke · February 12, 2021, 9:50am

I was a house owner at 29, it’s an achievement alright. Trying to buy too for a second time and it’s tricky to say the least. The first house can’t be put down as a buy to let so it’s a millstone from a new mortgage point of view. But we’ll get there in the end.

Biff_Egan · February 12, 2021, 9:54am

Does anyone know the likelihood of the HTB scheme being extended to 2022. It’s gotten criticism for essentially increasing the asking price by x amount so might not be popular enough to survive another budget?

Locke · February 12, 2021, 10:00am

I would doubt it if it’ll be touched for another couple of years. SF would do untold if it was looked at.

glasagusban · February 12, 2021, 10:02am

It’s a support to land owners and developers. And FF and FG are the government. Draw your own conclusions.

caulifloweredneanderthal · February 12, 2021, 10:31am

Thanks mate. Hoping to start the process this summer.

Big_Dan_Campbell · February 12, 2021, 10:37am

It is pretty straightforward if you have your ducks in a row which I’d say you do.

Massey · February 12, 2021, 11:18am

Taxpayers are footing the bill for this shite.“Don’t have a deposit for a new house?No worries let Johnny taxpayer get if for you”.

Biff_Egan · February 12, 2021, 11:23am

I was laughing a year ago when no other cunt could afford a deposit and I’d have no competition. I’m not laughing now