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Cash or Small Mortgage

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  • 02-05-2024 7:38pm
    #1
    dasdog
    Registered Users Posts: 3,525 ✭✭✭


    I've just found myself in the situation where I have to vacate the property I have been renting for many years and looking at rental prices in SCD I think it's time to bite the bullet and buy. Thankfully I have been prudent and have squirrelled away a very healthy lump sum but would appreciate any comments.

    I've heard in the past buying with cash was desirable and discounts may apply - is this still the case?
    I'm a single FTB on a good wage - would taking out a relatively short term say <10 year mortgage be more beneficial than buying straight out without a mortgage?



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    #2
    herbalplants
    Registered Users Posts: 1,141 ✭✭✭herbalplants


    I would buy with cash if you can, but in the current market you get no discounts for buying with cash.

    Living the life



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    #3
    JohnnyChimpo
    Registered Users Posts: 1,075 ✭✭✭JohnnyChimpo


    Well besides the discount of not paying tens of thousand in interest to the bank. Plus, a cash offer will put you to the top of the queue over similar offers, many buyers would probably take a guaranteed bid of XXXEur-5k over a bid of XXXEur from a buyer in a chain I'd say



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    #4
    Ms2011
    Registered Users Posts: 3,120 ✭✭✭Ms2011


    We bought for cash 7 years ago & the peace of mind we've had since then, not having to worry about job loss or interest rate hikes has been priceless.



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    #5
    Donald Trump
    Registered Users Posts: 19,139 ✭✭✭✭Donald Trump


    Depend on whether you can do something better with the money. Only you can answer that. Mortgage will be the cheapest money you can get.



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