Off Topic Thread 3.0

awec · 11-10-2016 03:24PM

molloyjh wrote: »

I haven't read anything on it yet but if I'm reading the above right are FTBs getting help with their 10% deposit while existing owners are left to try and come up with the 20% deposit they need themselves? House prices still aren't back to where they were 12 years ago (which wasn't even the peak) so there's loads of people who aren't in negative equity, but don't have enough equity in their homes to afford that 20%.

First time buyers of brand new houses can claim up to 5% of the value of the property.

Really it is just an indirect way for the government to try and kick start the construction of housing by giving builders money. It's not designed to put money in people's pockets.

awec · 11-10-2016 03:30PM

Actually it says to qualify "Applicants must take out a mortgage of at least 80% of the purchase price of the house."

Which is odd, because first time buyers aren't supposed to need 20%. So is it a straight choice between using this scheme or using the existing scheme for the 10% of the first 220k?

For example a €400,000 house.

Using new HTB:
20% deposit = €80,000, government help-to-buy = €20,000 so actual deposit = €60,000

Using existing deposit rules:
10% of €220,000 = €22,000, 20% of €180,000 = €36,000, actual deposit = €58,000

I am confused.

errlloyd · 11-10-2016 03:31PM

But yeah, it effectively means that a potential home buyer with a bit of tax history would be able to buy a 400,000 house with a 40,000 deposit, of which the GOVT will pay 20,000. (Thus they only need 20k). For a normal home owner, they would need an 80,000 deposit and get nothing.

DGRulz · 11-10-2016 03:31PM

errlloyd wrote: »

Does that help to buy scheme apply for apartments?

I'm beginning to think about buying, and if understand that correctly, it means that if I go for a 250k home (hopefully including apartments), that will give me 12,500.

Effectively it means, I only need a 5% deposit, because I've already managed to deposit 5% with the exchequer.

Edit: Appears to only be new houses. Kind of useless...

Yup, completely useless, the wording the media where using on the run up to the budget gave me the impression it'd only be houses from 400K, so its better than I thought, but still useless. For me to buy a new home probably means moving well outside the city, which will increase my commute.

awec · 11-10-2016 03:36PM

errlloyd wrote: »

But yeah, it effectively means that a potential home buyer with a bit of tax history would be able to buy a 400,000 house with a 40,000 deposit, of which the GOVT will pay 20,000. (Thus they only need 20k). For a normal home owner, they would need an 80,000 deposit and get nothing.

A 400k house would need more than a 40K deposit.

errlloyd · 11-10-2016 03:37PM

awec wrote: »

A 400k house would need more than a 40K deposit.

**** yeah, I forgot that the 10% limit only goes up to 250 or something.

awec · 11-10-2016 03:42PM

Basically under this new scheme a 400k house would require a 38k deposit (instead of 58k) for first time buyers.

Assuming they have paid enough tax for the full 20k rebate

11-10-2016 03:44PM

errlloyd wrote: »

**** yeah, I forgot that the 10% limit only goes up to 250 or something.

LTV (loan to value)

€58k deposit required.

10% on first €220k
20% on remainder above.

dep = 0.1 * 220 + 0.2 * (400 - 220)

Then the second part, LTI (loan-to-income)
Mortgage amount => 400 - 58 = 342

Requires a gross salary (@3.5x) of €97k p/a to get that.

https://www.centralbank.ie/press-area/press-releases/Documents/FAQ%20%E2%80%93%20New%20regulations%20on%20residential%20mortgage%20lending.pdf

{banks have some leeway on LTI, so potential that a salary of ~ €80k would get you accepted}

awec · 11-10-2016 03:45PM

Deleted User wrote: »

LTV (loan to value)

€58k deposit required.

10% on first €220k
20% on remainder above.

dep = 0.1 * 220 + 0.2 * (400 - 220)

Then the second part, LTI (loan-to-income)
Mortgage amount => 400 - 58 = 342

Requires a gross salary (@3.5x) of €97k p/a to get that.

https://www.centralbank.ie/press-area/press-releases/Documents/FAQ%20%E2%80%93%20New%20regulations%20on%20residential%20mortgage%20lending.pdf

{banks have some leeway on LTI, so potential that a salary of ~ €80k would get you accepted}

58k, of which the government will pay 20. So only 38k needed from the applicant.

mfceiling · 11-10-2016 06:19PM

Well I got some brilliant news today.

I closed my account with flogas and it turns out I'd overpaid on my account so I will be getting a full refund.

That means in the next 10 days they will be depositing a juicy big 24 cents back in to my account.

Beers on me lads.

awec · 11-10-2016 06:26PM

mfceiling wrote: »

Well I got some brilliant news today.

I closed my account with flogas and it turns out I'd overpaid on my account so I will be getting a full refund.

That means in the next 10 days they will be depositing a juicy big 24 cents back in to my account.

Beers on me lads.

I'll hold you to this.

11-10-2016 08:18PM

My partner and I are (sorry, were) considering buying, the deposit is just totally unfeasible. The monthly payment would end up being less than what we're paying for rent currently. Not a chance of building so these new regs no good to us. I know there's god knows how many people in my situation but **** it's frustrating.

awec · 11-10-2016 08:23PM

Emilee Bitter Ginseng wrote: »

My partner and I are (sorry, were) considering buying, the deposit is just totally unfeasible. The monthly payment would end up being less than what we're paying for rent currently. Not a chance of building so these new regs no good to us. I know there's god knows how many people in my situation but **** it's frustrating.

You don't need to build the house yourself to qualify for the new regs!

You just need to buy a house that is new, not one that someone has lived in.

11-10-2016 08:26PM

awec wrote: »

You don't need to build the house yourself to qualify for the new regs!

You just need to buy a house that is new, not one that someone has lived in.

Ah right I totally misunderstood that then sorry

There still isn't a whole lot being built.

awec · 11-10-2016 08:53PM

Emilee Bitter Ginseng wrote: »

Ah right I totally misunderstood that then sorry

There still isn't a whole lot being built.

Yea but the idea is that with people more able to buy now the builders will be more willing to build.

Me and the missus are in the same boat as you, could afford a mortgage no sweat at all but getting the deposit is taking a while with having to pay rent at the same time. These new rules though could knock off up to 20k worth of deposit that you need to save, which is a pretty significant amount.

molloyjh · 11-10-2016 09:00PM

awec wrote: »

Yea but the idea is that with people more able to buy now the builders will be more willing to build.

Me and the missus are in the same boat as you, could afford a mortgage no sweat at all but getting the deposit is taking a while with having to pay rent at the same time. These new rules though could knock off up to 20k worth of deposit that you need to save, which is a pretty significant amount.

Sorting out the rental market in some way wouldn't hurt either. That s**t is bananas.

b.gud · 11-10-2016 10:48PM

molloyjh wrote: »

Sorting out the rental market in some way wouldn't hurt either. That s**t is bananas.

dregin · 12-10-2016 12:56PM

awec wrote: »

First time buyers of brand new houses can claim up to 5% of the value of the property.

Really it is just an indirect way for the government to try and kick start the construction of housing by giving builders money. It's not designed to put money in people's pockets.

Apart from the builders.

b.gud · 12-10-2016 03:37PM

Trying to lose the belly at the minute, 2 and a half days into my new diet and I'm fecking starving and have never wanted a take away more in my life

kuang1 · 12-10-2016 03:46PM

b.gud wrote: »

Trying to lose the belly at the minute, 2 and a half days into my new diet and I'm fecking starving and have never wanted a take away more in my life

I'm same except I'm a day less than you in.
Evening time's the worst.
Last night went to bed at 9.00pm just to NOT be near the kitchen. Finished Dan Carter's book. It was very meh.

irishbucsfan · 12-10-2016 03:49PM

I was staying with a friend last weekend who is an athlete and it's just the worst feeling when you have an unhealthy diet and someone puts you to shame like that. For them it's all peanuts and yoghurt and avocados and for me its all pepperoni pizzas and chicken pizzas and other kinds of pizzas.

awec · 12-10-2016 03:51PM

I had a KFC for lunch yesterday and two double cheeseburgers from McDonalds for lunch today.

b.gud · 12-10-2016 03:53PM

irishbucsfan wrote: »

I was staying with a friend last weekend who is an athlete and it's just the worst feeling when you have an unhealthy diet and someone puts you to shame like that. For them it's all peanuts and yoghurt and avocados and for me its all pepperoni pizzas and chicken pizzas and other kinds of pizzas.

Just came back from Italy so it was almost 2 weeks of pizza and pasta, I want to go back there right now

irishbucsfan · 12-10-2016 03:55PM

awec wrote: »

I had a KFC for lunch yesterday and two double cheeseburgers from McDonalds for lunch today.

awec · 12-10-2016 03:56PM

irishbucsfan wrote: »

Milkshake too. Might have pizza for dinner. Or chipper!

Mmmmmm, chipper....

molloyjh · 12-10-2016 03:58PM

irishbucsfan wrote: »

I was staying with a friend last weekend who is an athlete and it's just the worst feeling when you have an unhealthy diet and someone puts you to shame like that. For them it's all peanuts and yoghurt and avocados and for me its all pepperoni pizzas and chicken pizzas and other kinds of pizzas.

I seem to be naturally moving towards a more healthy diet at the moment. Must be an age thing or something. Take aways just don't really appeal to me the same way as they used to. I find myself buying potted herbs and making stuff from scratch. Then at the weekend I was in Le Pain Quotidien and instead of my usual option of belgian waffles I chose the avocado toast. And I loved it.

Must be an age thing.......

* That said Beast in Greystones do a truly awesome pizza. Their Wicklow Way is amazing.

DGRulz · 12-10-2016 03:59PM

We're having out monthly Pizza Friday in work this week, doesn't help my waist but sure makes it easier to work there

DGRulz · 12-10-2016 04:01PM

molloyjh wrote: »

I seem to be naturally moving towards a more healthy diet at the moment. Must be an age thing or something. Take aways just don't really appeal to me the same way as they used to. I find myself buying potted herbs and making stuff from scratch. Then at the weekend I was in Le Pain Quotidien and instead of my usual option of belgian waffles I chose the avocado toast. And I loved it.

Must be an age thing.......

* That said Beast in Greystones do a truly awesome pizza. Their Wicklow Way is amazing.

I dunno molloy, sounds to me like your inner hipster is kicking in.

molloyjh · 12-10-2016 04:04PM

DGRulz wrote: »

I dunno molloy, sounds to me like your inner hipster is kicking in.

Ah anyone who hasn't been to LPQ is missing out. The chocolate spreads they have there are gorgeous. The specaloos I could eat from the jar. And who doesn't like bread!? Freaks, that's who.

thomond2006 · 12-10-2016 04:28PM

I went to Bunsen last week. Why did I wait so long.

Off Topic Thread 3.0

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