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First Time Investor

  • 06-07-2021 8:19am
    #1
    LittleBrick
    Registered Users, Registered Users 2 Posts: 145 ✭✭


    I have money saved for a deposit on a mortgage. After contacting numerous mortgage brokers, I have realised that despite saving the full deposit in little over a year, while paying rent (in Dublin), I will not get a mortgage for more than 150k. (Had planned on getting double that, but renting 2 rooms in the house).


    Anyway, now that I have nothing to use the deposit for, what would be the best place/places to invest it. Is there a benefit to hiring someone to manage investments?


Comments

  • #2
    Atlas_IRL
    Registered Users, Registered Users 2 Posts: 1,857 ✭✭✭Atlas_IRL


    Check rebuilding Ireland Home Loan and see if you can get a bit more first.


  • #3
    Static M.e.
    Registered Users, Registered Users 2 Posts: 3,093 ✭✭✭Static M.e.


    For me, it doesn't sound like you have enough to warrant paying someone to manage your investments.

    Why not double down and save the amount again in 12 months and then apply for a mortgage? Has your bank told you what you need to get a mortgage?


  • #4
    LittleBrick
    Registered Users, Registered Users 2 Posts: 145 ✭✭LittleBrick


    The deposit isn't the issue (I have 2.5x what I actually need. Saved the deposit in a year to prove to the bank I could save, therefore pay a mortgage). Apparently central bank only allows 3.5x-4x your salary. I need between 7x and 8x my salary.


  • #5
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,832 ✭✭✭✭Donald Trump


    Your numbers don't really add up. You need 10% deposit. If you have managed to save that entirely within one year then your salary must have dropped drastically given that you now need 7-8x to finance the remaining 90%


    That's even ignoring that you say you have 2.5x what you need that actually would mean that you have managed to save 25% within one year....



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