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01-10-2015, 16:56   #31
Flatzie_poo
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What type of mortgage could one expect to get if on 24k a year and with say 16k savings?
You're restricted maximum borrow amount of 3.5x your annual salary at present. (84k)

If you want more, best going in at the start of next year and trying to be one bank's electives to be exempted from the Central Bank rules.
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01-10-2015, 17:01   #32
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Expect stupidly long wait times on furniture. Beds, kitchen tables, coffee tables, couches etc can all take months. I've seen/heard anything from 3-7 months for furniture to arrive..
It's s tricky balance, you can't order early as you'd have nowhere to put it and also your ideas may change when you move in. Luckily we timed our stuff pretty well and got it all within about 2 weeks of moving in, except for our sofas which took 3 weeks - but DFS gave us loan sofas.
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01-10-2015, 17:03   #33
 
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Originally Posted by Flatzie_poo View Post
You're restricted maximum borrow amount of 3.5x your annual salary at present. (84k)

If you want more, best going in at the start of next year and trying to be one bank's electives to be exempted from the Central Bank rules.
84k + 20k is 104k. Theres nothing even on daft for property at that price? I don't expect a pay rise either that would boost my figures. And I can't afford to move out and rent. In Dublin, would relocate to Meath but again nothing around 84k. And these prices are not dropping as anticipated as there are alot of cash buyers.
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01-10-2015, 17:03   #34
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Feels like we're never going to get there - we've 12k saved, got gift of 5k, paying 1100 per month rent and saving 1000 per month (500 to house account). But we're looking in Maynooth, will need a lot more!
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01-10-2015, 17:07   #35
Flatzie_poo
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84k + 20k is 104k. Theres nothing even on daft for property at that price? I don't expect a pay rise either that would boost my figures. And I can't afford to move out and rent. In Dublin, would relocate to Meath but again nothing around 84k. And these prices are not dropping as anticipated as there are alot of cash buyers.
Rent for the time being. Wherever you can afford.

Deposit your savings in an account getting a good interest rate, maybe you'll meet someone in time you can venture with in an application.

It's a huge decision, best not to rush!

They may lax the CB's restriction, but it's pure speculation at the min!

Best of luck whatever you do.
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01-10-2015, 17:15   #36
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What? It's total sq feet/meters you go off...
Huh?? Yes, and you said houses are twice as big as apartments as they have two floors. I'm being sarcastic (but it's true) when I say that apartments can be wider than houses. Why can't you have the same area in a wide, single floor apartment compared to a duplex house? Or have I missed the point?


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You lose out on floor space & private garden front & back in most cases. Add on annual mgt fee & car parking fees.
Perhaps, but you may have paid 150-200k less than a house

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You also lose out on freedom. Your mgt co. may not allow satellite dishes for Sky for example... and you may have to clear renovations are ok with them...
I have Sky and UPC cabled in by the management company, and I don't have to give notice to renovate unless I am knocking down walls (Which I wouldn't need to)

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Agreed
A bonus, but not a requirement

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There's affordable houses close to the city.
Not in desirable areas

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On top of all this, take into account issues that may arise - such as what's happening in Dublin in Longboat Quay apartments. Residents are stuck with at least a €2,000,000 bill at present.
With a good solicitor and Surveyor, you'd have to be really unlucky to be caught up in an issue such as this
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01-10-2015, 17:32   #37
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01-10-2015, 17:40   #38
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They can make relevant assessments and judgements and it would be up to you to proceed, taking into account your risk level. If something warrants investigation, then run
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01-10-2015, 18:30   #39
 
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Originally Posted by Flatzie_poo View Post
Rent for the time being. Wherever you can afford.

Deposit your savings in an account getting a good interest rate, maybe you'll meet someone in time you can venture with in an application.

It's a huge decision, best not to rush!

They may lax the CB's restriction, but it's pure speculation at the min!

Best of luck whatever you do.
I'll be honest. I am 25 and my old rush is my alcoholic father at home. I can't stand to be in the house and my wages won't support 1k rent and living expensis and I couldn't hand over 700/800 for a 'studio'. I'm looking at out around the Meath Dublin border. I have 5k saved already. GF wants to rent first and move to somewhere in Dublin but with the rules I can't see us getting anywhere in Dublin. I don't blame then for bringing it in. But they said house prices would drop, which I don't think they have.

I don't want to push my GF to move out cause of my circumstances so I rather go it alone on a place for say 80/90k over 10years and use it as an investment and when the time comes try come back to Dublin. But seems impossible. Both renting and mortgage wise. 24k full time job, might as well be minimum wage, useless. Going thru college at the moment in the hope of after 4 years landing a 35/40k job. All while I am doing this my father's drinking is getting worse.
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01-10-2015, 20:37   #40
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If you want to save while renting you pretty much will have to look at a house share. Have you any other friends or colleagues looking to move out? Otherwise look to rent a room in a house but its a bit more difficult as a couple. If you're looking in Dublin you will NEED to have two people contributing to the mortgage to get anywhere, especially if you're at the beginning of your careers.
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01-10-2015, 21:26   #41
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Quote:
Originally Posted by TallGlass
get if on 24k
Quote:
Originally Posted by TallGlass
What type of mortgage could one expect to get if on 24k a year and with say 16k savings?
It's 3.5 times your gross wage you'd be looking at €84000 I think you'd def get approval for anything under €100000.
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01-10-2015, 21:27   #42
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houses
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We are buying in the Kanturk area (deposit paid), plenty of houses for sale and prices are very good too. Best of luck
thanks yeah some nice houses there too. Mallow has some good houses too. Best of luck with the new house
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02-10-2015, 08:29   #43
Flatzie_poo
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Huh?? Yes, and you said houses are twice as big as apartments as they have two floors. I'm being sarcastic (but it's true) when I say that apartments can be wider than houses. Why can't you have the same area in a wide, single floor apartment compared to a duplex house? Or have I missed the point?
You missed the point. Apartments can be wider. Yes. But when you're judging the size of a property you go off total sq feet/meters.



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Perhaps, but you may have paid 150-200k less than a house
That's just incorrect. Unless you're apartment is a complete dive.


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I have Sky and UPC cabled in by the management company, and I don't have to give notice to renovate unless I am knocking down walls (Which I wouldn't need to)
Just because that's applicable in your complex, does not mean it's applicable in all other apartment complexes. A lot of complexes don;t allow satellites. Hence my point.


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A bonus, but not a requirement
A huge bonus.


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Not in desirable areas
How desirable and area is is subjective. Giving you a little leeway on this, Stoneybatter & Fairview are quite desirable to most people. Most prices there are not extortionate.



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With a good solicitor and Surveyor, you'd have to be really unlucky to be caught up in an issue such as this
Even the best sometimes miss the obvious.
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02-10-2015, 09:04   #44
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Sounds like your doing well. Just try not take anything from your savings between now and then. Keep the amount your saving around what you expect your monthly mortgage payments to be. They generally expect to see at least six months evidence that you will be able to make the payments. In fact they usually calculate a stressed payment in case mortgage interest rates were to go up so make sure your savings match that. The quote someone else gave you regarding the solicitor is about right you usually end up paying around 2000-2500 plus stamp duty. Make sure you dont change job between now and then permanent employment is essential, they are not interested in contract work usually. And my only other advise would be to go into the banks and talk to them, dont rely on online calculators etc. Some banks are willing to work with you in relation to some aspects of your application. Now is the hard part just keep your head down and save as much as you can.
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02-10-2015, 09:14   #45
 
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I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.
Yeah, all bought on the credit card, which is why we have such high levels of credit card debt in this country.

You've got 20 years to get the house fully kitted out. Whats the hurry. As another poster said, get your basics in, bed, kitchen table etc. and add to it when you can afford to.
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