single person on average wage get a mortgage?

Peter Flynt

In February house prices in Dublin increased, on average, by €18,000

1.3 million out of 2.1 million workers earn less than €30,000 per annum.

It's government/Fine Gael policy:
1) Not to invest in housing
2) sell off existing NAMA stock to vulture funds.

Posters on here giving advice like "save a few bob" mean well, but it's complete nonsense.

Many will just have to do what millions of Irish have had to do for years, emigrate.

GingerLily

Peter Flynt wrote: »

In February house prices in Dublin increased, on average, by €18,000

1.3 million out of 2.1 million workers earn less than €30,000 per annum.

It's government/Fine Gael policy:
1) Not to invest in housing
2) sell off existing NAMA stock to vulture funds.

Posters on here giving advice like "save a few bob" mean well, but it's complete nonsense.

Many will just have to do what millions of Irish have had to do for years, emigrate.

The problem is the OP has loans and goes on 4k holidays and spends 8+k on a car - the average house price in Ireland isn't the reason the OP cannot afford to buy here. Moving is not going to fix thr fundamental issue here

Peter Flynt

GingerLily wrote: »

The problem is the OP has loans and goes on 4k holidays and spends 8+k on a car - the average house price in Ireland isn't the reason the OP cannot afford to buy here. Moving is not going to fix thr fundamental issue here

It is completely unrealistic for people to suggest that a house is affordable in Dublin on a salary of €30,000.

3.5 times this salary is €105,000. Deposit would be €10,500.

You wouldn't get a dog kennel for that in Dublin.

So if he's going on holiday and spending a very modest sum of money on a car (although they are expensive to run) then, quite frankly, good luck to him.

No point in sacrificing your life and saving for a mortgage he ain't gonna get on his own.

As ever the issue is with supply, corrupt do nothing politicians (a large chunk of whom are benefiting personally as they are landlords), a corrupt state that doesn't provide housing for the poor and sells off existing housing supply to foreign vultures who are ready to pick off what's left of the Irish.

Bubbaclaus

Peter Flynt wrote: »

It is completely unrealistic for people to suggest that a house is affordable in Dublin on a salary of €30,000.

3.5 times this salary is €105,000. Deposit would be €10,500.

You wouldn't get a dog kennel for that in Dublin.

So if he's going on holiday and spending a very modest sum of money on a car (although they are expensive to run) then, quite frankly, good luck to him.

No point in sacrificing your life and saving for a mortgage he ain't gonna get on his own.

As ever the issue is with supply, corrupt do nothing politicians (a large chunk of whom are benefiting personally as they are landlords), a corrupt state that doesn't provide housing for the poor and sells off existing housing supply to foreign vultures who are ready to pick off what's left of the Irish.

OP isn't in Dublin. Plus your losing the run of yourself on the political stuff. There is no quick fix to the housing crisis. It doesn't matter who is in government.

Peter Flynt

Bubbaclaus wrote: »

OP isn't in Dublin. Plus your losing the run of yourself on the political stuff. There is no quick fix to the housing crisis. It doesn't matter who is in government.

It does matter who is in government because one of the most basic requirements of any government is to build houses to match the needs of the population.

No houses, and people will choose to leave and work elsewhere.

It's already happening. Health service is short 1,800 nurses and 400 consultant posts.

FG are also incompetent and couldn't care less about the poor.

If you're going to come out with stuff like that comment then you should declare your allegiance.....As cant be bothered dealing with FG Leo Lickarses.

gercoral

GingerLily wrote: »

The problem is the OP has loans and goes on 4k holidays and spends 8+k on a car - the average house price in Ireland isn't the reason the OP cannot afford to buy here. Moving is not going to fix thr fundamental issue here

i think its a bit unfair. i spent about 4k to see my bother who i havent seen in 10 years and who was unwell. 1500 on flights alone and the rest on accomm and spending money because i cant live on fresh air. i wouldnt call it a holiday as such.

and living in rural ireland with no public transport within 9 miles, i needed an upgrade from my 19 year old car that nobody would insure me on. the loans (its actually 2, not 3) were something to tie me over, not major loans.

if im being honest, i think upskilling is a way for sure. obviously i'm not on the same wage as a lot of people, so its my own problem to fix.

worker bee

Pay off the 2 small loans.

Add to your savings - regularly rather than one lump sum or random amounts. Set up a direct debit if you need to.

Check out property prices locally wherever you are and keep the 3.5 times salary rule in mind. You'll have a good idea of what you need that way.

Work on that pay raise / new job / extra job.

Forget the glamping pods etc.

All boring but achievable.

Come back in 6 months with improved figures all round and you'll have a very good chance of getting mortage pre-approval.

Good luck.

Interested Observer

Peter Flynt wrote: »

It does matter who is in government because one of the most basic requirements of any government is to build houses to match the needs of the population.

No houses, and people will choose to leave and work elsewhere.

It's already happening. Health service is short 1,800 nurses and 400 consultant posts.

FG are also incompetent and couldn't care less about the poor.

If you're going to come out with stuff like that comment then you should declare your allegiance.....As cant be bothered dealing with FG Leo Lickarses.

Yeah consultants and their six figure salaries are really suffering from house prices. And you know we've well over the OECD average number of nurses right?

Graham

Mod Note

Enough with the political soapboxing. If you'd like to debate political allegiances please continue in the Politics forum.

Peter Flynt

Interested Observer wrote: »

Yeah consultants and their six figure salaries are really suffering from house prices. And you know we've well over the OECD average number of nurses right?

So we're not short of nurses because of some OECD statistic that you have not proven or verified?

Department of Health must be wrong so . . . especially with their work recruitment jobs fairs for nurses abroad which saw next to none of them returning from emigration.

I mentioned consultants because they work in the same area as nurses. Sure they could afford property but they leave for a better quality of life/work conditions elsewhere.

Paddy's race to the bottom ain't working.

Peter Flynt

Graham wrote: »

Mod Note

Enough with the political soapboxing. If you'd like to debate political allegiances please continue in the Politics forum.

Tying to separate politics from housing?

WTF?

Do you have to be a moron to be a moderator on this site?

Ursus Horribilis

Definitely get those loans cleared for starters because they'll drag you down. You're nowhere nearly ready to apply for mortgage but having no loans is a good start. When I applied for my mortgage, they looked for a year's worth of bank statements for my savings account and 6 months of current account/credit card statements. I had no loans and no credit card debt.

Unfortunately Ireland is a cold place for people on lower salaries. If you think you can upskill and improve your lot, go for it. Before I changed careers I was in admin too and earning poor money. By the time I bought my house I was earning 3 times that. It took some sacrificing and it wasn't fun at times. But worth it.

Peter Flynt

OK. . . . To suit the moderators

Housing is really underpriced in Ireland.
FG and others are doing a fantastic job.
The deals offered to renters and property buyers alike by vulture funds are incredibly generous.

It's all your responsibility if you cannot afford a mansion with 10 bedrooms.
Sure who do you think you are driving a car?

Pelvis

gercoral wrote: »

i think its a bit unfair. i spent about 4k to see my bother who i havent seen in 10 years and who was unwell. 1500 on flights alone and the rest on accomm and spending money because i cant live on fresh air. i wouldnt call it a holiday as such.

and living in rural ireland with no public transport within 9 miles, i needed an upgrade from my 19 year old car that nobody would insure me on. the loans (its actually 2, not 3) were something to tie me over, not major loans.

if im being honest, i think upskilling is a way for sure. obviously i'm not on the same wage as a lot of people, so its my own problem to fix.

Needing to upgrade a car is fine, choosing to spend half your annual income to do so shows complete ineptitude towards financial planning.

Graham

Mod Note

Peter Flynt, do not post in this thread again.

Peter Flynt

Graham wrote: »

Mod Note

Peter Flynt, do not post in this thread again.

Truth hurting you, is it?

I post my opinion. I'm not posting your opinion.

Bubbaclaus

Peter Flynt wrote: »

Truth hurting you, is it?

I post my opinion. I'm not posting your opinion.

When an opinion makes absolutely no sense it serves no purpose other than to derail the thread.

Interested Observer

Peter Flynt wrote: »

So we're not short of nurses because of some OECD statistic that you have not proven or verified?

Department of Health must be wrong so . . . especially with their work recruitment jobs fairs for nurses abroad which saw next to none of them returning from emigration.

I mentioned consultants because they work in the same area as nurses. Sure they could afford property but they leave for a better quality of life/work conditions elsewhere.

Paddy's race to the bottom ain't working.

You haven't verified anything either and I'd love to see you try prove that the lack of health staff (and we don't have a shortage of nurses) is as a result of the housing situation.

Graham

Mod Note:

Folks, Peter won't be responding to any of your posts for a while.

AlphaOmega1

Graham wrote: »

Mod Note:

Folks, Peter won't be responding to any of your posts for a while.

No one cares


OP you could downgrade the car by 5k and still have a reasonable car if you're smart about it. Then you could pay off some of your loans or if you already have a plan for that, you can double your pot to 10k. Goodluck anyways.

Bubbaclaus

Must be getting a bit rowdy whilst on his summer holidays/98 days off per year.

Back to the matter at hand, OP you need to show monthly savings at the very least equal to what a stressed mortgage repayment would be. Save to this level until you have at least a 10% deposit and see where that takes you.

You also need to upskill as I believe banks refuse anybody on incomes below 35k.

Ulysses Gaze

gercoral wrote: »

i think its a bit unfair. i spent about 4k to see my bother who i havent seen in 10 years and who was unwell. 1500 on flights alone and the rest on accomm and spending money because i cant live on fresh air. i wouldnt call it a holiday as such.

and living in rural ireland with no public transport within 9 miles, i needed an upgrade from my 19 year old car that nobody would insure me on. the loans (its actually 2, not 3) were something to tie me over, not major loans.

if im being honest, i think upskilling is a way for sure. obviously i'm not on the same wage as a lot of people, so its my own problem to fix.

Use this website to find a course to upskill for free: www.edx.org

jester77

OP, you need to manage your funds better.

The average person starts working at 21, if they were to only put away on average €100 a week (probably less starting out, and more as they progress in their job), they would have over 40k by the time they were 29.

baldbear

Op, you didn't mention what county you are living in?

Me , I'm from Longford. A single person in Longford on €25k and savings aeound €15k could get a 4 bed house no problem.

Mrs OBumble

OP, with a salary of 20k, you simply cannot afford to both buy and maintain a house.

Do not underestimate the 2nd bit. The worst thing that you can possibly to is own a house which is falling down around you, but which you cannot afford to fix. Because there is pretty much no government help in this case.

Go and see your local council and get on the housing list. It will take a long time, perhaps until you're in your 40s or 50s even - but you will eventually get housing assistance. Hopefully in the meantime, you will upskill and be earning more, but it's a good idea to register now, just in case.

Blaizes

Interested Observer wrote: »

You haven't verified anything either and I'd love to see you try prove that the lack of health staff (and we don't have a shortage of nurses) is as a result of the housing situation.

To be honest it wouldn't take a genius to work out that without adequate housing stock to support our current population people will up and leave.I don't know if they are currently but when working people can't find a place to rent due to lack of housing it would seem like the only option either that or pitch a tent as some are doing.

Op keep saving try to find a better paying job, upskill or leave for a few years and save save.Get rid of the loans or try to pay off early.

GingerLily

gercoral wrote: »

i think its a bit unfair. i spent about 4k to see my bother who i havent seen in 10 years and who was unwell. 1500 on flights alone and the rest on accomm and spending money because i cant live on fresh air. i wouldnt call it a holiday as such.

and living in rural ireland with no public transport within 9 miles, i needed an upgrade from my 19 year old car that nobody would insure me on. the loans (its actually 2, not 3) were something to tie me over, not major loans.

if im being honest, i think upskilling is a way for sure. obviously i'm not on the same wage as a lot of people, so its my own problem to fix.

Honestly - life isn't fair - I have a mortgage but I've never gone on such an expensive trip and I don't own such an expensive car.
Maybe you feel Australia wasnt a choice - but you also treated yourself to car that is 40% of it annual wage (probably nearer half it gross wage).

Of course you need to up skill or have a career change - but you also need to start seriously saving.

Also - 2 loans is a lot of for a single man - what does to 'tie me over' mean exactly? Banks DO NOT give mortgages to people who take out loans to 'tie them over'.

Pelvis

OP you said your parents need help and care and this will only increase as they get older. Is just staying living at home permanently an option and then taking over your parents house eventually? It was always common for one sibling to stay at home in many families and it might be your best route to owning.

Pelvis wrote: »

Needing to upgrade a car is fine, choosing to spend half your annual income to do so shows complete ineptitude towards financial planning.

In fairness people living rurally need a car they can trust, spending 10k is very reasonable to get something decent rather than messing around with cheap cars which are almost guaranteed to give trouble.

Bubbaclaus

Connor Green Playboy wrote: »

OP you said your parents need help and care and this will only increase as they get older. Is just staying living at home permanently an option and then taking over your parents house eventually? It was always common for one sibling to stay at home in many families and it might be your best route to owning.

Jesus.

Pelvis

Connor Green Playboy wrote: »

In fairness people living rurally need a car they can trust, spending 10k is very reasonable to get something decent rather than messing around with cheap cars which are almost guaranteed to give trouble.

Is a 20k car more reliable than a 10k car? We're talking about rural roads here, not Inca trails. You can get perfectly reliable cars for a hell of a lot less than 10k.