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Off Topic Thread 3.0

Zzippy

All things non-rugby related here.

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awec

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.

mfceiling

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

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.

[Deleted User]

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

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

errlloyd

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

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.

DGRulz

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.

errlloyd

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.

awec

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.

awec

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.

molloyjh

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.

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%.

errlloyd

DGRulz wrote: »

That Help to Buy scheme is useless to me and I really hoped they wouldn't bring in that suger tax.

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...

awec

Deleted User wrote: »

By the time it kicks in both my kids will be over 3 and I doubt I'll qualify under the means testing.

Ah well, can continue to go on paying through the nose.

As I said, a great budget for all except the middle income families!

Earn too much to get the free stuff, don't earn enough to be able to use more complex tax structures.

The subsidy for childcare will also probably just be absorbed by the child care providers, so your costs will probably go up too.

[Deleted User]

DGRulz wrote: »

From the RTE live update:

EDIT: Whoops awec got in first

By the time it kicks in both my kids will be over 3 and I doubt I'll qualify under the means testing.

Ah well, can continue to go on paying through the nose.

DGRulz

Deleted User wrote: »

Anything about child care costs?

Biggest expense by far for me, way more than Mortgage.

From the RTE live update:

On childcare, Donohoe announces a Single Affordable Childcare Scheme from September 2017.

This will included means-tested subsidies based on parental income for children aged six months to 15 years, and universal subsidies for all children aged six months to three years.

A further €86m will also be allocated to the Early Childhood Care and Education Scheme (free pre-school scheme)

EDIT: Whoops awec got in first

awec

Deleted User wrote: »

Anything about child care costs?

Biggest expense by far for me, way more than Mortgage.

Yes there is a subsidy.

"On childcare, Donohoe announces a Single Affordable Childcare Scheme from September 2017.

This will included means-tested subsidies based on parental income for children aged six months to 15 years, and universal subsidies for all children aged six months to three years."

But as far as I know your child will have to be in full time child care.

[Deleted User]

DGRulz wrote: »

That Help to Buy scheme is useless to me and I really hoped they wouldn't bring in that suger tax.

Anything about child care costs?

Biggest expense by far for me, way more than Mortgage.

DGRulz

That Help to Buy scheme is useless to me and I really hoped they wouldn't bring in that suger tax.

awec

Ireland is rich again. Tax cuts all round!*

*except if you're a middle income family

Felix Jones is God

awec wrote: »

Sex before marriage is sinful and shameful.

Not if youre doing it right!

awec

Zzippy wrote: »

I got the suggestive bit, I just think awec was trying to tell us he's got the missus knocked up. Before the wedding too, the dirty bugger!

Sex before marriage is sinful and shameful.

irishbucsfan

Zzippy wrote: »

I got the suggestive bit, I just think awec was trying to tell us he's got the missus knocked up. Before the wedding too, the dirty bugger!

WOW!

Still, won't believe it until I read it on punditarena

Zzippy

Deleted User wrote: »

Yeah I think Awec was being a bit suggestive with the stereotypical french Au Pair. Seriously though, finding some French lad to bring over beers, have an interest in rugby and mind the kids would be a stretch.

I got the suggestive bit, I just think awec was trying to tell us he's got the missus knocked up. Before the wedding too, the dirty bugger!

awec

[Deleted User] wrote: »

Yeah I think Awec was being a bit suggestive with the stereotypical french Au Pair. Seriously though, finding some French lad to bring over beers, have an interest in rugby and mind the kids would be a stretch.

You could hire two.

One to mind the kids and one to mind you.

[Deleted User]

connemara man wrote: »

The wink hives that a completely different connotation

Yeah I think Awec was being a bit suggestive with the stereotypical french Au Pair. Seriously though, finding some French lad to bring over beers, have an interest in rugby and mind the kids would be a stretch.

[Deleted User]

awec wrote: »

Need to search for an Au Pair instead.

The wink hives that a completely different connotation

molloyjh

awec wrote: »

It's crap in general for customers. They go on about how having competition is good for consumers, I don't see how in this case.

A few years ago a Sky subscription got me all football and all rugby. Now I have to subscribe to two providers, and my monthly cost goes significantly up instead of down.

P.S. Mindme.ie for a childminder.

Also, for the cost of the additional subscription you get less European rugby games. Don't forget that absolute beauty!

awec

Deleted User wrote: »

From the website "Child minders will not bring you beers from the fridge during a game whilst simultaneously minding your children".

No use so.

Need to search for an Au Pair instead.

[Deleted User]

awec wrote: »

It's crap in general for customers. They go on about how having competition is good for consumers, I don't see how in this case.

A few years ago a Sky subscription got me all football and all rugby. Now I have to subscribe to two providers, and my monthly cost goes significantly up instead of down.

P.S. Mindme.ie for a childminder. ;)

From the website "Child minders will not bring you beers from the fridge during a game whilst simultaneously minding your children".

No use so.