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what would you do? 150K in the bank and getting a mortgage

  • 13-03-2021 8:44pm
    #1
    confusedeire
    Registered Users, Registered Users 2 Posts: 316 ✭✭


    hypothetically. If you had 150K in the bank and you were buying a house Between 250K-300K how much of a mortgage would you ask for? currently don't own a house but is the 2nd time buying. single mortgage applicant. I think using as much cash as possible would make the most financial since


Comments

  • #2
    Aph2016
    Registered Users, Registered Users 2 Posts: 494 ✭✭Aph2016


    New build? First time buyer? You could be eligible for the HTB.


  • #3
    km79
    Registered Users, Registered Users 2 Posts: 48,336 ✭✭✭✭km79


    Aph2016 wrote: »
    New build? First time buyer? You could be eligible for the HTB.

    Second time buyer


  • #4
    confusedeire
    Registered Users, Registered Users 2 Posts: 316 ✭✭confusedeire


    Aph2016 wrote: »
    New build? First time buyer? You could be eligible for the HTB.

    lets just say 275K purchase price, not a FTB. not eligible for any HTB.


  • #5
    Bass Reeves
    Registered Users, Registered Users 2 Posts: 19,584 ✭✭✭✭Bass Reeves


    Mortgage money is the cheapest money you can borrow. If you have 30% equity you can get rates sub 2%. If you bought a house for 250k you could borrow 175k at 2%. It personal loans for cars, holidays or house extensions/improvements that are really expensive at 5%++. Another to thing to factor in if you will need money for third level education for children.

    Slava Ukrainii



  • #6
    Deseras
    Banned (with Prison Access) Posts: 49 ✭Deseras


    First off get fixed mortgage 15-30 year as interest rates have started going up you will see that in next 6 months your also buying as prices of sold houses are dropping expect resesion next year .at the moment due to Covid stock is low and prices are high.
    I see a lot of houses are not selling so they move them to new real estate company to make it look like a new listing don't buy apartment.as these will be over built in 2 years.thehelp to buy will put up prices but will not help as the government will own 30% of your home builders will put up prices by 30%


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  • #7
    Fred Cryton
    Registered Users, Registered Users 2 Posts: 990 ✭✭✭Fred Cryton


    confusedeire wrote: »
    hypothetically. If you had 150K in the bank and you were buying a house Between 250K-300K how much of a mortgage would you ask for? currently don't own a house but is the 2nd time buying. single mortgage applicant. I think using as much cash as possible would make the most financial since


    I'd probably put 100k cash into the house and borrow 175k. Put the remaining 50k into pensions and/or investments. This diversifies your assets away from property into bonds & equities.


  • #8
    catrionanic
    Registered Users, Registered Users 2 Posts: 2,091 ✭✭✭catrionanic


    You will need money for solicitors fees, stamp duty, moving costs, etc. You will presumably also need to buy furniture and possibly flooring etc if a new build. Depending on the size of the house, that could be a fair chunk. You may also want to make changes to the kitchen, bathrooms, windows, etc. So sit down and work out what all of that would cost.

    Then keep a good buffer for when unforeseen things happen. Your car breaks down and needs a lot of work done. Your boiler packs in and you need a new one, etc. I would always keep at least 10k in savings for that.

    See how much you have left after that to put down as your deposit.


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