If you lost your job in the morning how many more mortgage payments could you afford

Rabidlamb

A question about savings more than anything else.
Bearing in mind that 1 million people in this country have only €70 or less disposable income left over every month.

If you didn't restructure your mortgage how long could you go before you were flat broke ?.
I could manage just over 18 months before the kitty was empty, assuming of course the family could live off the dole without eating into savings.

kfallon

I don't have a mortgage

Rent payments......prob another few years anyway and then it's time to start counting the bucket :pac:

Doyler92

Roughly -3.

Minstrel27

I didn't jump on the housing ladder.

gazzer

At the moment I could afford about 4 monthly repayments but that reserve is slowly dwindling away each pay day.

r3nu4l

Right now, nine months worth. If I didn't eat or clothe myself then about a year or so.

Mr. Presentable

About 8 years, unless my wife also lost hers......

Ticktactoe

one.

run_Forrest_run

if one is a civil servant please look elsewhere, this sort of thing doesn't concern you

About 1 year I'd say, at best.

Duggy747

I have a job but I don't get paid for it.

Paradox :pac:

orourkeda

Mortgage. Ha Ha.

Suckers

Fran1985

i managed 3 months, then ran out of money. Just as i started to panic, i got offered a job, with more money than the feckers that let me go, less work, more sociable hours, and all in all, a nice place to work. so everything worked out in the end.

I was fortunate to get lodgers in too (i rent elsewhere now) which helps hugely. unfortunately, not everyone has those choices but sure there'll be a job in the local shop eventually if you're really stuck

orourkeda

Duggy747 wrote: »

I have a job but I don't get paid for it.

Paradox :pac:

You'll never be unemployed so

krudler

I "wasted my money on rent" for the past few years. now watch me twirl gracefully as I dont have a 200 grand chain around my neck for the rest of my life, la la la laaaa

longshanks

Probably two payments

Rabidlamb

Mr. Presentable wrote: »

About 8 years, unless my wife also lost hers......

Well done sir, quality saving right there.
Are you near paying it off in one wallop.

Ray Palmer

krudler wrote: »

I "wasted my money on rent" for the past few years. now watch me twirl gracefully as I dont have a 200 grand chain around my neck for the rest of my life, la la la laaaa

You can twirl around all you like but you don't understand the basics of a mortgage either.

Could do two years without much hassle to my lifestyle including holidays. At the moment it is better to keep the mortgage than reduce it due to the tracker rate I have.

barbiegirl

So long as hubbie keeps his we're fine, especially as I know mine is gone end of June. Plus we have two mortgages, my house from before I met hubbie is rented and whilst rent doesn't cover bills, so long as it stays rented we should be ok.
On gardening leave at the moment. But the redundancy payment won't be bad plus combined with savings we have I think about 15 months if we had nothing else coming into the house.

NothingMan

If I lost my job I'd take my redundancy, pay off my small amount of debt and go travel the world. If only I wasn't to awesome to let go.

nhg

Thankfully I never got caught up in the roar of the celtic tiger and instead saved and cleared my home mortgare first and then my investment mortgage - I bought my first house 16yrs ago for £19800 (a small cottage type townhouse) when house prices were realistic, it then turned into my investment property 11yrs ago when I met my husband and we built our new house.

I get €140 pr week for it and to me it is worth alot more than the nice fancy investment proprties that some of my friends bought as they have to top up the rent to meet the mortgage each month where as I pay my rent into my pension. Plus with the recession/depression everyone wants the small houses to rent as they are cheaper to heat etc.

They used to laugh at us when we were quiet happy to skip a sun holiday or four and drive an old banger, now we have our holiday each year and have no car loans either thank god, as like everyone else work is not as plentiful as it was which in turn means that we have'nt had a full wage in over a year but we don't have to make any cutbacks to our lifestyle as we always lived within our means and its only our savings that have to be cut back now.

Teyla Emmagan

Four. I reckon I could find a job in a month though even if I was let go (and given that I don't qualify for redundancy I would need to!!).

Sea Sharp

hah, financial responsibilities.

jester77

hmm, a mans got to eat. Could easily cover my rent for over 10 years but I'd have probably died from the hunger in the mean time!!

MIRMIR82

If i got let go tomorrow - id be better off finacially(well for 12 months anyway:pac:).
I have my mortgage insured and this will pay our full mortgage for 12 months if myself or OH get let go.
I'd get the full dole (stamps) and my OH would still have his wage- now that i think of it i want to be let go:eek:

Rabidlamb

MIRMIR82 wrote: »

I have my mortgage insured and this will pay our full mortgage for 12 months if myself or OH get let go.

Speaking of which, our neighbour knew their job was going to be up last January as the boss had told her last year.
She took out mortgage insurance 3 months previous just to have made the minimum amount of payments & hey presto mortgage sorted for 12 months.
I'm sure there were certain disclosures she must have "avoided" on the application form.

sbsquarepants

Duggy747 wrote: »

I have a job but I don't get paid for it.

Paradox :pac:

You have a hobby

MIRMIR82 wrote: »

If i got let go tomorrow - id be better off finacially(well for 12 months anyway:pac:).
I have my mortgage insured and this will pay our full mortgage for 12 months if myself or OH get let go.
I'd get the full dole (stamps) and my OH would still have his wage- now that i think of it i want to be let go:eek:

Don't want to un-nerve you but a lot of those insurance policies are worthless! Not saying your one is, but a large proportion are basically scams - they won't pay out should they be called on.
Most have a clause saying that you can't suspect your job to be in jeopardy at the time of taking out the policy or else it's void. I wouldn't like to rely on that - unless you're one of those public service types, in which case you won't be needing it anyway:D

MIRMIR82

sbsquarepants wrote: »

You have a hobby



Don't want to un-nerve you but a lot of those insurance policies are worthless! Not saying your one is, but a large proportion are basically scams - they won't pay out should they be called on.
Most have a clause saying that you can't suspect your job to be in jeopardy at the time of taking out the policy or else it's void. I wouldn't like to rely on that - unless you're one of those public service types, in which case you won't be needing it anyway:D

Ya i agree a lot of 'em are crap - but (only for luck), our one worked out a very good one.
I have lost my job before and got mortgage paid for 7 months - with no hassle(other than proving i was looking for work)
Also my OH lost his job for about 6 months about a year after me and it was paid then too:D

Tigger

krudler wrote: »

I "wasted my money on rent" for the past few years. now watch me twirl gracefully as I dont have a 200 grand chain around my neck for the rest of my life, la la la laaaa

mortgages are dead money

themadchef

Tigger wrote: »

mortgages are dead money

Everything that costs, is dead money.

Dont take life so seriously, no one gets out alive.

Enjoy what you have, or if you're a bum, what other people have Could be your number pulled out of the "die drum" tomorrow... so fukkit.

Kasabian

If I lost my job , I wouldn't make another mortgage payment. No fcuking way would I use my savings or redundancy on paying a mortgage that I might not be able to pay anyway after these funds were drained.

michelledoh

Oh my god what a depressing thread! It is so doom and gloom!

I'm glad i don't have a mortage or else I'd be paranoid worrying about this every month!

Rented Mule

I wouldn't need to make any payments.

I paid cash for my house.

r3nu4l

Rented Mule wrote: »

I wouldn't need to make any payments.

I paid cash for my house.

So which one are you, a farmer or a civil servant? :pac:

michelledoh

Rented Mule wrote: »

I wouldn't need to make any payments.

I paid cash for my house.

You are so lucky! You are in a much better place than others! Fair play to you!

Agent Smith

Rented Mule wrote: »

I wouldn't need to make any payments.

I paid cash for my house.

I hope you paid in 1 dollar bills.....

Chnandler Bong

Rented Mule wrote: »

I wouldn't need to make any payments.

I paid cash for my house.

Pays his mammy €10 a week

Rabidlamb

Kasabian wrote: »

If I lost my job , I wouldn't make another mortgage payment. No fcuking way would I use my savings or redundancy on paying a mortgage that I might not be able to pay anyway after these funds were drained.

I agree with Kasabian here, if you're damned either way you may as well look after number one.

Fighting Irish

run_Forrest_run wrote: »

if one is a civil servant please look elsewhere, this sort of thing doesn't concern you

Jealousy is a b1tch....Next time pick a job with some reliability

Minstrel27

Minstrel27 wrote: »

I didn't jump on the housing ladder.

Housing slide you mean.

JohnCleary

0 - bought with savings

Rented Mule

michelledoh wrote: »

You are so lucky! You are in a much better place than others! Fair play to you!

I am incredibly fortunate. My in-laws were trying to get us to but in Dublin back in 2006. I told them that they were out of their minds if they thought that I was going to pay €550,000 for a 3 bed, 2bath semi-detached in Artane.

The writing was on the wall for too long. I feel sorry for anyone who ended up buying around this time, but I can't see how they didn't see it coming.

Chnandler Bong wrote: »

Pays his mammy €10 a week

I pay 'yore ma' a tenner a week....and she isn't worth it.

r3nu4l wrote: »

So which one are you, a farmer or a civil servant? :pac:

IT - left Ireland in August 2009.

Agent Smith wrote: »

I hope you paid in 1 dollar bills.....

I would have paid in nickels if I had a big enough truck (and some place to find nine million nickels)!!

TaraFoxglove

Fighting Irish wrote: »

Jealousy is a b1tch....Next time pick a job with some reliability

Not everyone can get a job in the public sector. The private sector is required also, and indeed there would be no public sector without it.

Ray Palmer

Rabidlamb wrote: »

I agree with Kasabian here, if you're damned either way you may as well look after number one.

What strange logic. You would be seriously screwed after a short while and for much longer period if you did that

Nolanger

39!

Ticktactoe

TaraFoxglove wrote: »

Not everyone can get a job in the public sector. The private sector is required also, and indeed there would be no public sector without it.

And vice versa so let not get into this whole bashing about Publc v's Private. Lets all be happy!

r3nu4l

Rented Mule wrote: »

I am incredibly fortunate. My in-laws were trying to get us to but in Dublin back in 2006. I told them that they were out of their minds if they thought that I was going to pay €550,000 for a 3 bed, 2bath semi-detached in Artane.

The writing was on the wall for too long. I feel sorry for anyone who ended up buying around this time, but I can't see how they didn't see it coming.

Damn right! I have friends living in an apartment in Dublin. They bought the apartments as a temporary measure and now face being stuck there for a long time

IT - left Ireland in August 2009.

Left Ireland in 2004 and bought in England, the house I bought cost about half of what I would have paid for in Ireland at the time in an equivalent location. Lucked out

Nolanger

r3nu4l wrote: »

Damn right! I have friends living in an apartment in Dublin. They bought the apartments as a temporary measure and now face being stuck there for a long time

Heard things like that. Couples want to have kids but they're stuck in their overpriced-shoeboxed apartment.

vampire of kilmainham

i own my house so dont have a mortage

hinault

About 5 years worth of payments.
Genuinely.

(yes, I know I've too much savings).

Table Top Joe

krudler wrote: »

I "wasted my money on rent" for the past few years. now watch me twirl gracefully as I dont have a 200 grand chain around my neck for the rest of my life, la la la laaaa

I genuinely feel for people who bought during the boom......but i have to admit i laughed at this,i had a lot of people look down their nose at me for not buying,treated me like i was an idiot for not "getting on the ladder" and all that,i dont know if ill ever buy after the events of the last few years(well,unless houses fall down to reasonable prices......which is unlikely this being Ireland)




I can pay off 2 & a half years of rent if the **** really hits the fan

michelledoh

Rented Mule wrote: »

I am incredibly fortunate. My in-laws were trying to get us to but in Dublin back in 2006. I told them that they were out of their minds if they thought that I was going to pay €550,000 for a 3 bed, 2bath semi-detached in Artane.

The writing was on the wall for too long. I feel sorry for anyone who ended up buying around this time, but I can't see how they didn't see it co

I've been saying that the last year to my friends who emigrated! The people with the money now can clean up and buy property at its actual correct value! It meant that not only could you get a house without a mortage- you probably weren't limited in choice or had to resort to "the perfect house in navan with only an hours commute to dublin (on a sunday morning, if you hit no trafic lights, and are only going to Cabra)"