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Cash or Small Mortgage

  • 02-05-2024 6:38pm
    #1
    dasdog
    Registered Users, Registered Users 2 Posts: 3,781 ✭✭✭


    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?



Comments

  • #2
    herbalplants
    Registered Users, Registered Users 2 Posts: 1,371 ✭✭✭herbalplants


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

    Remember the shills only get paid when you react to them.



  • #3
    JohnnyChimpo
    Registered Users, Registered Users 2 Posts: 1,136 ✭✭✭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



  • #4
    Ms2011
    Registered Users, Registered Users 2 Posts: 3,146 ✭✭✭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.



  • #5
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,826 ✭✭✭✭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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