How much is your Mortgage Repayment? (2005)

Dub13

How much is your Mortgage...?

Mine is not to bad as I bought about 4 years ago,but I have mates buying today and they are paying well over 1k a month.

Mine works out around 700 a month for a 3 bed semi worth about 320,000

Highlander

would be in the 250-500 group. About a 90 k mortgage for house worth about 225-230k.

MF2HD

am in the high range, 850 p/month, but just had it reduced as i hadn't realised we had never signed up for the trs mortgage relief. worth looking into if you haven't already, or maybe i'm the only one in ireland not to have done this :rolleyes:

seamus

Moved to Accomodation/Property

irlirishkev

€640 a month after the tax relief, on a property worth 240k. It'll go up though towards the end of the year, as I enter into my non fixed rate period. I'm prepared for that though.
Just as a sidenote, I'm paying that on my own. No second income here..
A payrise would be nice :rolleyes:

0utshined

irlirishkev wrote:

€640 a month after the tax relief, on a property worth 240k. It'll go up though towards the end of the year, as I enter into my non fixed rate period. I'm prepared for that though.
Just as a sidenote, I'm paying that on my own. No second income here..
A payrise would be nice :rolleyes:

Kev, at current rates it should be going down once you're out of your fixed period. I'm paying my mortgage by myself as well.

irlirishkev

0utshined wrote:

Kev, at current rates it should be going down once you're out of your fixed period. I'm paying my mortgage by myself as well.

Hey,

Currently, my fixed rate is lower than any of the variable rates etc.. with either my own bank or elsewhere.. How do you see the rates coming down? Any reports I've heard, in the long term, indicate mortage rates going up..

K.

0utshined

I was just comparing rates from the askaboutmoney best buys page .... and making assumptions about what rate your on. I'm sure you've done your research on it. It sucks paying it on your own though, doesn't it.

irlirishkev

0utshined wrote:

I was just comparing rates from the askaboutmoney best buys page .... and making assumptions about what rate your on. I'm sure you've done your research on it. It sucks paying it on your own though, doesn't it.

It's a hefty amount of income to hand over alright. That's not to mention the various insurance, bills etc on top of your regular monthly overheads which you also have to pay on your own. Still, I consider it worth it for the luxury of living alone.. I'm sure you'll agree!

K.

Raytown Rocks

Paying €560 p/m on a house I bought 8 years ago. This is on a remortage as I got an extension a few years ago. House is worth about €700,000 now.
Lucky I bought so long ago, wouldnt fancy trying to start now tbh.

0utshined

Without a doubt. It is expensive, but the satisfaction of having your own place is something else. I'd find it hard to go back to flat sharing again.

cormie

The envy!!! Hopefully I'll be joing you guys soon! I'm 20 now, what age did you all get approved? €700PM is nothing really considering renting would cost about €450 or so!!

Peace

irlirishkev wrote:

€640 a month after the tax relief, on a property worth 240k.

I don't understand how your repayments can be so low??

if i go onto the bank of ireland site or AIB and plug in 240k into the calculator i get back:
€1214.41 -> 240k across 25years Bank of ireland
€1173.00 -> 240k across 25years AIB

I have no idea what interest relief is only that its deducted at source.

I'm going to be buying later this year or maybe early next but my mortgage amount will be between 200-230k. (DINKY).

0utshined

Peace wrote:

I don't understand how your repayments can be so low??

if i go onto the bank of ireland site or AIB and plug in 240k into the calculator i get back:
€1214.41 -> 240k across 25years Bank of ireland
€1173.00 -> 240k across 25years AIB

I have no idea what interest relief is only that its deducted at source.

I'm going to be buying later this year or maybe early next but my mortgage amount will be between 200-230k. (DINKY).

He hasn't mentioned what his mortgage is. If the property is 240k then the mortgage is probably 216k max, not considering inflation since he got it. If the property was bought a year or too ago it was probably less. Using the Mortgage calculator and a term of 35 yrs @ 3.5% on €175k I get €723p.m. If you take off the interest relief from that it's roughly 640. I'm not trying to speculate on what Kev's is, just showing how the figures could add up.

That's a handy calculator by the way, to work out different scenarios. Best of luck with the search!

cormie wrote:

The envy!!! Hopefully I'll be joing you guys soon! I'm 20 now, what age did you all get approved? €700PM is nothing really considering renting would cost about €450 or so!!

I was 22 when I got approved and just gone 23 when I moved in.

MF2HD wrote:

am in the high range, 850 p/month, but just had it reduced as i hadn't realised we had never signed up for the trs mortgage relief. worth looking into if you haven't already, or maybe i'm the only one in ireland not to have done this

MF2HD, you can also claim relief on refuse charges. It's worth looking into.

0.

FX Meister

I have one mortgage at €900 a month on a €260,000 house and another of €1500 on a €360,000 house co owned with two siblings.

MickFarr

Paying 860 euros a month for a 4 bed detached house on my own. The Love Shack!

irlirishkev

Peace wrote:

I don't understand how your repayments can be so low??

if i go onto the bank of ireland site or AIB and plug in 240k into the calculator i get back:
€1214.41 -> 240k across 25years Bank of ireland
€1173.00 -> 240k across 25years AIB

I have no idea what interest relief is only that its deducted at source.

I'm going to be buying later this year or maybe early next but my mortgage amount will be between 200-230k. (DINKY).

Hi Peace.. As Outshined mentioned.. my mortgage is not for the full 240k. It's for a good bit less. I paid off a bit of it straight away from savings to reduce the overall borrowings. I also stretched it out over more than 25 years..

K.

irlirishkev

cormie wrote:

The envy!!! Hopefully I'll be joing you guys soon! I'm 20 now, what age did you all get approved? €700PM is nothing really considering renting would cost about €450 or so!!

I'm 27 Cormie. 20 is very young to get a mortgage. I certainly wouldn't have wanted one when I was 20. Despite what a lot of people say, it does tie you down somewhat. It's a big financial commitment. I didn't particularly want to jump on the bandwagon, but I couldn't face paying into someone else's pocket any longer, and I was sick of sharing.. that's why I succumbed..

K.

Ardent

0utshined wrote:

...and a term of 35 yrs @ 3.5% on €175k I get €723p.m. If you take off the interest relief from that it's roughly 640.

Doesn't interest relief work out at €66/month? At least it does for me anyway...!

cormie

irlirishkev wrote:

I'm 27 Cormie. 20 is very young to get a mortgage. I certainly wouldn't have wanted one when I was 20. Despite what a lot of people say, it does tie you down somewhat. It's a big financial commitment. I didn't particularly want to jump on the bandwagon, but I couldn't face paying into someone else's pocket any longer, and I was sick of sharing.. that's why I succumbed..

K.

I don't want to be tied down either. I want to live my youth, not spend it working to pay off a mortgage just so I can have my own house when I am feeble and retired. I don't plan on retiring either. I don't want a job where there is retirement. I don't want to get into the usual way of life, work till I'm 60, then retire, it seems like a bad way to live. I want to live now but I don't want to be throwing away money to a landlord when a little bit more could go towards owning my own place in the end.

I also don't plan on living in Ireland for much longer. The problem is I don't want to be living at home till I'm 28 or so. I don't even want to be here now. I'd love my own place :rolleyes:

What's the CHEAPEST you would get a house for in Dublin/Wicklow region? How much is land these days? I could build a one man shack to keep me going for a few years, sell it for €1M or so in a few years, move to France and buy a palace and have enough left over to be comfortable and make wine and play poker in the sun.

Dub13

cormie wrote:

what age did you all get approved?

I was 21 when I took out my mortgage I am 25 now I got my mortgage back i the old days of Irish money ,thank good I started mine when I did as even in the 4 years I have my house the price has gone up and up.

seamus

I'm still in that "buying-all-the-things-I-could-never-afford-while-I-was-in-college" phase, but within the next year, I should be looking at a mortagage/buying. 23 here, I wouldn't worry too much about tying yourself down at 20 cormie. There's a tendency to panic when you see prices constantly rising, but who knows what the next years will bring. I wouldn't be too quick to jump into a mortgage unless you're happy enough that you wouldn't prefer to rent and have the extra cash in your hand each month.

cormie

I don't smoke and I don't drink and I am quite good at saving and quite good with money in general. I'd be bulk buying and all that. I'd say I could do it. I just dont have the deposit yet.

Can I ask what kind of income those of you who got it at such a young age were on? How long you were saving up for deposit for and how much disposable income you have per month after bills/food/car insurance etc.

vector

Dub13 wrote:

I was 21 when I took out my mortgage I am 25 now I got my mortgage back i the old days of Irish money ,thank good I started mine when I did as even in the 4 years I have my house the price has gone up and up.

A mortgaga at 21? It's people like you that make the rest of us look bad
"Johnny got a mortgage why didn't you..."

irlirishkev

(mortgage)+(ssia)+(monthly contribution to budget for car insurance/management fee/holiday)+(Phone Bill)+(gym)+(phonebill)+(life assurance/home insurance)=over 3/4 of my montly take home.

I just tend to manage my money well. If I didn't have the mortgage I'd be loaded, but if I didn't have the mortgage I'd be paying over the odds to some landlord to live in a crappy place that would never really feel like 'home'... so it sort of evens out..

K.

lomb

cormie wrote:

I don't want to be tied down either. I want to live my youth, not spend it working to pay off a mortgage just so I can have my own house when I am feeble and retired. I don't plan on retiring either. I don't want a job where there is retirement. I don't want to get into the usual way of life, work till I'm 60, then retire, it seems like a bad way to live. I want to live now but I don't want to be throwing away money to a landlord when a little bit more could go towards owning my own place in the end.

I also don't plan on living in Ireland for much longer. The problem is I don't want to be living at home till I'm 28 or so. I don't even want to be here now. I'd love my own place :rolleyes:

What's the CHEAPEST you would get a house for in Dublin/Wicklow region? How much is land these days? I could build a one man shack to keep me going for a few years, sell it for €1M or so in a few years, move to France and buy a palace and have enough left over to be comfortable and make wine and play poker in the sun.

land is very expensive and not worth building on in single units as people like to put their own 'stamp' on a property and push the cost of it above what its worth. of course its different buying land for 200 units, then u can make a bomb.....building costs are 150euro per sq ft. so if u buy a new 270000 house in lusk say @1000 sq ft, the building element of the house is 150000 euro alone. this leaves 120000 but only 105000 b4 vat. the cost to builders is usually 80000 per site so they make 20 or so grand out of each house. not alot......

you wont make ur money in land anyway(although it is a wise investmet) and france is a ****hole for the mostpart.
study and study hard in school for something useful to society like doctor/ dentist/ lawyer etc and use the money from these to finance your dreams. ps if u are sucessful in any of those careers you would be a millionaire while doing something reasonably worthwhile ie fulfilling, which is very important.

cormie

I'm well out of school
I'm taking time out of my Carpentry apprentice at the moment to work on poker.ie. It's almost complete so I'll be able to go back to the carpentry. Very good money in carpentry and hopefully poker.ie will work out well.

Doctor/Dentist/Lawyer, yes they pay well when your established, but I really don't want to spend my youth studying! I'm not the studying type anyway. I could be a doctor either, I go pale getting blood tests. I wouldn't want to be fainting on my patients when they show me a graze on their knee or anything

lomb

cormie wrote:

I'm well out of school
I'm taking time out of my Carpentry apprentice at the moment to work on poker.ie. It's almost complete so I'll be able to go back to the carpentry. Very good money in carpentry and hopefully poker.ie will work out well.

Doctor/Dentist/Lawyer, yes they pay well when your established, but I really don't want to spend my youth studying! I'm not the studying type anyway. I could be a doctor either, I go pale getting blood tests. I wouldn't want to be fainting on my patients when they show me a graze on their knee or anything

carpentry is also fullfilling, you could buy a somewhat run down place and do it up or buy a site for a few houses and build them keeping 1 for yourself,and so saving a bit off the cost.... good luck.

ambro25

lomb wrote:

and france is a ****hole

Having lived in France and now in Ireland...mmm...how can I put this delicately? "Thy neighbor's eye and all that"

My 2-pence advice:
1) don't buy in IE nowadays, the price tag on any pile of brick is just stupid.
2) save, save, save and -if you can afford it- buy overseas to rent, preferably big enough that you can live there if and when you retire and still rent some of it as an income
3) renting is lost funds, but so are the first 18 years or so of a fixed-rate fixed-term mortgage, since you're just paying interests over that period, SO
4) if you have a decent income and/or 'fluctuating' income (e.g. you're a market trader / sole trader / etc.), look into those "Virgin One" -type accounts, they do work (if you're good with money,like Cormie above ) - they did for me in the UK, I made a (large) ton of cash in 5 years - which I'll be f*cked if I'm going to reinvest in IE bricks :rolleyes:

cormie

I'm good with money when I have it :rolleyes:
But what are these Virgin 1 accounts you speak of?

On the issue of France, it appeals to me more, the weather, the food, the way of life. Unfortunately I did German in school though so I wouldn't have a clue what anyone is saying to me.

The reason I want to buy in Ireland is because I need to be here for the next 4 or so years, I would like to be able to sell my house and make a profit, buy a cheaper and better house in another country and have enough left over to travel the world and do all kinds of things. Good thing with carpentry is you can work anywhere for a great wage.

lomb

cormie wrote:

On the issue of France, it appeals to me more, the weather, the food, the way of life. Unfortunately I did German in school though so I wouldn't have a clue what anyone is saying to me.

my experiance is that the french are ignorrant pr$%^s, they really are. my brother hired a flat in nice and basically the long and short of it is when he went to give it back the woman wanted 4grand from damages out of his deposit when there was nothing wrong with the ****hole, it was only 300 sq ft if even that. total crooks, and many of his work collegues had the same tried on them from different landlords/agents. they really are pr$%ks not that im racist or anything. they think they are somehow superior when they are definately not. food is cheap though (many restaurants/ loads of competition)

expect to get shafted everywhere u go, i have numerous experiances of that happening there with myself and friends.

france is also a poor country relativily with wealth very foccused and not spread out. the police there are w£$%Ers as well.

basically there is nothing wrong with france other than the french.

Imposter

cormie wrote:

The reason I want to buy in Ireland is because I need to be here for the next 4 or so years, I would like to be able to sell my house and make a profit, buy a cheaper and better house in another country and have enough left over to travel the world and do all kinds of things.

Do you really think house prices are going to rise that much in 4 years? Not to even think about interest rates!

Good thing with carpentry is you can work anywhere for a great wage.

Not true. Over here in Austria there are so many eastern europeans who will do any type of manual work so much cheaper than any of the locals will. You may get a job as a qualifeid carpenter but you won't be as well paid as in Ireland at the moment. Things are also going the same way in other parts of europe.

ambro25

Right, I'll try to explain & be brief:

Instead of having 1 mortgage + 1 current acc + 1 savings accounts + 1 loan, you have 1 does-it-all account (savings at mortgage rate not very interesting, I know BUT read on - putting aside the fact that you're borrowing (if you need to) for consumer loan at morgage rate as well)

You live off your VISA all month-long (incl. all phone, gas bills etc.) - then you pay in full at end of month. During that month, interests on your mortgage are calculated every day (pro rata) on: your net mortgaged value MINUS your total savings MINUS your net monthly (say) pay MINUS any cash you get in there occasionally.

Example: at 01/02/05
Mortgage value €100k
Take-home €5k
Savings €10k
Lottery / Boards.ie Forum trade €1k
Interest 5%

So net balance at 01/02/05 is -100+5+10+1 = -84k
Interest at 5% calculated on 84k borrowed, for the month equals (simply here) (0.05x84k)/12 = €350
instead of (0.05x100k)/12 = €416

(and I know that's not how mortgage interests are calculated, btw - I'm just doing this on the back of a fag packet, OK?)

Now, on 01/03/05, net balance = -84k -350 + 5k (pay) -2k (living expenses = VISA bill from 02) = -81350

You've just paid off €2650 off your mortgaged capital in a month, well done.

The beauty of this system is that if you sell your house, the account just goes -81k + 200k = 119k in the green overnight, done, no need to wait for cheque, redeem mortgage or any of that admin crap-o-la.

Now to finish - I think Abbey does that over here, but not sure. I know one bank does it.

ambro25

lomb wrote:

my experiance is that the french are ignorrant pr$%^s, they really are. (). total crooks, and many of his work collegues had the same tried on them from different landlords/agents. they really are pr$%ks not that im racist or anything. they think they are somehow superior when they are definately not. food is cheap though (many restaurants/ loads of competition).

I take offense to that. Seriously.

lomb wrote:

expect to get shafted everywhere u go, i have numerous experiances of that happening there with myself and friends.

and that is truer around Dublin than any place in Europe I've ever been (and I've been to some, m8ey).

cormie

I don't intend to be a regular chippie though. I want to do more artistic/imaginitive work with it. Specialise in certain aspects of it. Target the rich and wealthy. Charge them ridiculous amounts! Haha.

I wouldn't class a nationality in the same boat. It's all to do with the individual at the end of the day. Maybe you're friends just had really bad luck?

Sure isn't food what we live for?

lomb

ambro25 wrote:

I take offense to that. Seriously.



and that is truer around Dublin than any place in Europe I've ever been (and I've been to some, m8ey).

ive never heard of landlords looking to keep the deposit (2 months rent) and then some for basically 1 or 2 dishes that are broken/ missing after 2 years stay have u in dublin?
it goes on in france ALL the time.b warned.
their general attitude sucks. but credit where credit is due the food is great, and the weather is lovely particularly in the south.

ambro25

lomb wrote:

ive never heard of landlords looking to keep the deposit (2 months rent) and then some for basically 1 or 2 dishes that are broken/ missing after 2 years stay have u in dublin?

Well. I never did that when I was renting my property to students - does that make me an exception to the rule, or can I be so presumptious as to sugggest that your mate got shafted because quite a few people in Nice and Paris are like that? This from experience, btw.

lomb wrote:

and the weather is lovely particularly in the south.

The absolute, topmost, ultrabest place for ALL (food, wheather, scenery, people) is Alsace. This again from experience.

parsi

lomb wrote:

ive never heard of landlords looking to keep the deposit (2 months rent) and then some for basically 1 or 2 dishes that are broken/ missing after 2 years stay have u in dublin?

AH .. the Irish landlord - a species held up for approval all around the world...never known to do owt wrong to anyone - in fact there are many documented cases of landlords supplying food from their own tables to poor inoocent country lads and lassies up in the big smoke for the first time who can't afford to eat after paying the 4month-rent-deposit for a tiny smelly bedsit..

lomb

ambro25 wrote:

Well. I never did that when I was renting my property to students - does that make me an exception to the rule, or can I be so presumptious as to sugggest that your mate got shafted because quite a few people in Nice and Paris are like that? This from experience, btw.

another true story is a guy i used to work for went to paris with his wife. he went to the tourist help desk in charles de gaule aipport in paris after disembarking and asked yer man where xyz was and directions to it.

yer man said " monsieur this is france, in france we speak french" and this was at the tourist helpdesk in the airport!

absolute stuck up wa£$kers

lomb

parsi wrote:

AH .. the Irish landlord - a species held up for approval all around the world...never known to do owt wrong to anyone - in fact there are many documented cases of landlords supplying food from their own tables to poor inoocent country lads and lassies up in the big smoke for the first time who can't afford to eat after paying the 4month-rent-deposit for a tiny smelly bedsit..

the irish landlord is a saint compared to french landlords

Dub13

cormie wrote:

Can I ask what kind of income those of you who got it at such a young age were on? How long you were saving up for deposit for and how much disposable income you have per month after bills/food/car insurance etc.

I am not sure what I was on 4 years ago when I took mine out (back in the old days of Irish money ) I have allways been good with money so I was not long saving for the deposit.As for now well my mortgage works out arounf 8,000 a year and I am on about 45k so its not to bad

cormie

Dub13 wrote:

I am not sure what I was on 4 years ago when I took mine out (back in the old days of Irish money ) I have allways been good with money so I was not long saving for the deposit.As for now well my mortgage works out arounf 8,000 a year and I am on about 45k so its not to bad

That's not bad at all!!! Nice for you anyway, but.. why wouldn't you opt to pay say €15K off a year? Surely 30K would do for food/petrol/bills etc? Or... buy another house and pay another 8K a year, rent it out for 1200pm. In effect, you would then be earning 52K a year and have 2 houses at the end of it. Rich get richer,the poor get poorer. Arghh. Can't wait till I'm earning good money (or any money at this stage, damn business ventures :rolleyes: )

Dub13

Well since I moved into the house I have put maybe 30k to 35k into it as it needed alot of work,also in the 4 years I am in the house I have had 2 kids and got married and all these things cost ALOT of money.But now all that is out of the way I am starting to think about buying another house,I would love a place in Florida....and I am not sure buying a second house here would be a good idea now with intrest rates bound to go up and the rental marked going down

MR2GIRLRACER

cormie wrote:

How much is land these days? I could build a one man shack to keep me going for a few years, sell it for €1M or so in a few years, move to France and buy a palace and have enough left over to be comfortable and make wine and play poker in the sun.

Can i come?

A Dub in Glasgo

I am paying £500 (about €730) pm on a 20 year repayment mortgage with 14.5 years left. I think I owe about £60k. House was bought 5 years ago for £80k and is now worth about £165k. It is a 4 bedroom detached house with Garage 7 miles from Glasgow city centre. 5 minute walk to the train station and 16 minutes by train.

The interest rates here are higher than in Ireland and I am on a 4.99% deal until November when it will revert to the SVR of 6.84%. I will go onto another deal then.

bill_ashmount

Paying over €940 a month, although going interest free for the first couple of years so only about €550 per month for the first two years....

yop

Paying 920 per month on a house worth probably 370k.

podgeen

I'm 23, bought a house in limerick last year with a mate. 5 bedroom semi-detached.

Paying about 800e for the mortage (between 2) but paying rent of 400e for a room in dublin. I changed jobs and moved up to dublin a few months ago. Renting some rooms down there so thats covering the mortgage atm but if interest rates go up and the rental market goes to down, i'll be daddied. Its a risk i'm willing to take.

Lola123

Just bought a 2 bed apartment in Dub..off the Navan road. property is worth 290,000 and mortgage works out at about 1100pm with mortgage protection etc adding another 100 on top of that.

dfitz1

Need info on TRS (Tax Relief at Source) to see if I'm eligible. Anybody got any links that would help?

Victor

dfitz1 wrote:

Need info on TRS (Tax Relief at Source) to see if I'm eligible. Anybody got any links that would help?

http://www.oasis.gov.ie/housing/help_with_paying_your_mortgage/mortgage_interest_relief.html