Loveache Registered User
#1

Just that really. I'm going into a permanent job soon. I am sick to absolute f of renting ****holes. I'd like to buy. (In Dublin). I have done the sums and I think in three years I could save 18-20k. I'm single atm and I'm not counting on meeting anyone. Obv depending on a bit of a bubble-burst too. Is this really unrealistic? I have no possibility of handouts either. Very worried. If I'm still forced to rent a dog box at 800+ in three years time I'm looking at leaving Ireland. Mid thirties and these are the years!

GingerLily Registered User
#2

What's your salary?

Loveache Registered User
#3

GingerLily said:
What's your salary?


It'll be low to start (24) but I work on the side creatively. And the job has increments. Obviously looking for central bank exception too. However I'm fit and healthy and I don't want kids and the job is solid.

LirW Registered User
#4

Are you aware of the amount you could borrow? If you're on 30k in 3 years, you can borrow 105k plus whatever you have as deposit. Might be difficult to find something reasonable for that money in Dublin.

Just to put it into perspective, there's a reason why people are severely unhappy with how the market is, low earners can either rent, commute or both.

3 people have thanked this post
TheBully Registered User
#5

In 3 years time your looking to leave Ireland but in 3 years time you hope to have 18k saved? What exactly is your plan as I don’t understand

Loveache Registered User
#6

LirW said:
Are you aware of the amount you could borrow? If you're on 30k in 3 years, you can borrow 105k plus whatever you have as deposit. Might be difficult to find something reasonable for that money in Dublin.

Just to put it into perspective, there's a reason why people are severely unhappy with how the market is, low earners can either rent, commute or both.


Yes: I'd be hoping for a Central Bank loan to value exception. There are a lot of variables. But the way I see it, I will be paying more than the would-be repayments on rent now for years. And saving. If I don't meet a partner that I'd want to buy with I don't see why it should be off-limits for someone alone.

Loveache Registered User
#7

TheBully said:
In 3 years time your looking to leave Ireland but in 3 years time you hope to have 18k saved? What exactly is your plan as I don’t understand


If buying is still inaccessible (for a person alone without a handout) in three years time, even though I will have that amount saved, I'd be taking it and me elsewhere.

foxatron Registered User
#8

TheBully
In 3 years time your looking to leave Ireland but in 3 years time you hope to have 18k saved? What exactly is your plan as I don’t understand



They'll have 18k deposit in 3 years time to put towards buying a house. If they can't buy a house then they'll leave Ireland. Straight forward enough really.

13 people have thanked this post
Humour Me Registered User
#9

Had a meeting with a mortgage advisor last month to discuss this. Also looking to buy solo in Dublin. Key points were:
Max loan 3.5 times salary, exemption is possible up to 4.5 but need to make a good case - permanent employment, secure role, good deposit
Will only lend 75% of value for a one bed, up to 90% for a two bed

Based on my salary and current savings I would be able to get a property at around the €200k mark. Take a look at daft and see how few options are available at that level. An exemption @ 4.5 times salary would get €250k, but again any reasonably good property will involve a long commute.

Definitely start saving regularly and set yourself some targets, but your probably looking a 5 years or more before you will be in a position to buy (in Dublin at least).

1 person has thanked this post
TheBully Registered User
#10

Not being funny but why are you living in Dublin paying almost 10k a year in rent when you only take home less than 24k from your day job?
Surely you could get a job anywhere in the country that pays more than that without the Dublin overheads

8 people have thanked this post
GingerLily Registered User
#11

Loveache said:
Yes: I'd be hoping for a Central Bank loan to value exception. There are a lot of variables. But the way I see it, I will be paying more than the would-be repayments on rent now for years. And saving. If I don't meet a partner that I'd want to buy with I don't see why it should be off-limits for someone alone.



You're unlikely to get an exemption at such a low wage considering the repayments and your take home pay.

A property in Dublin CC for anyone on 30k as a single applicant is scraping the barrel.

You'll need to work on your income or change location.

3 people have thanked this post
Loveache Registered User
#12

TheBully said:
Not being funny but why are you living in Dublin paying almost 10k a year in rent when you only take home less than 24k from your day job?
Surely you could get a job anywhere in the country that pays more than that without the Dublin overheads


That's the conundrum- the job is dublin. I've been here 16 years and my life is here now too, I wouldn't be precious about commuting but 'proper' relocating isn't a real option.

1 person has thanked this post
Loveache Registered User
#13

Loveache said:
That's the conundrum- the job is dublin. I've been here 16 years and my life is here now too, I wouldn't be precious about commuting but 'proper' relocating isn't a real option.


A big commute is also really expensive fwiw.

Loveache Registered User
#14

Humour Me said:
Had a meeting with a mortgage advisor last month to discuss this. Also looking to buy solo in Dublin. Key points were:
Max loan 3.5 times salary, exemption is possible up to 4.5 but need to make a good case - permanent employment, secure role, good deposit
Will only lend 75% of value for a one bed, up to 90% for a two bed

Based on my salary and current savings I would be able to get a property at around the €200k mark. Take a look at daft and see how few options are available at that level. An exemption @ 4.5 times salary would get €250k, but again any reasonably good property will involve a long commute.

Definitely start saving regularly and set yourself some targets, but your probably looking a 5 years or more before you will be in a position to buy (in Dublin at least).


That's actually really helpful that you can get a better deal for a two bed than a one bed. I didn't know that. I suppose the possibility of renting out a room is a factor in that.

Loveache Registered User
#15

GingerLily said:
You're unlikely to get an exemption at such a low wage considering the repayments and your take home pay.

A property in Dublin CC for anyone on 30k as a single applicant is scraping the barrel.

You'll need to work on your income or change location.


Even on a flat? 😭

Want to share your thoughts?

Login here to discuss!