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Looking for some advice on my situation

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24

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    #32
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #33
    Bluefoam
    Registered Users Posts: 7,717 ✭✭✭Bluefoam


    sashafierce wrote: »
    This post has been deleted.

    I haven't done anything as I'm just looking into options in recent times since a change in my situation meant trying to buy as an individual instead of as part of a couple.[/quote]
    Look into the help to buy scheme


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    #34
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Banks are restricted in what they can lend to 3.5 times the borrowers total income. You're far from alone there's a huge amount of singletons out there. Unfortunately with the supply v demand issues in Dublin at the moment most properties are out of reach in traditional ways. I live in Lucan too. There's a huge amount of building here and some of it has to go to social and affordable housing so look up your options there.
    It's not discrimination at all. I can't afford to buy a house in certain Dublin areas and I'm an actuary on a high salary but my difference is I don't want to anyway so I feel your frustration.
    It's tough out there.


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    #35
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #36
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #37
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    sashafierce wrote: »
    This post has been deleted.

    I never wanted to buy until a long term relationship came to an end and I had to move in with strangers. That's what made me want to look into buying so I could live on my terms of ya get me[/quote]

    Yes sharing with strangers is not good. It's just a house then not a home. You haven't mentioned income yet how much do you earn?


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    #38
    Bluefoam
    Registered Users Posts: 7,717 ✭✭✭Bluefoam


    sashafierce wrote: »
    This post has been deleted.

    I never wanted to buy until a long term relationship came to an end and I had to move in with strangers. That's what made me want to look into buying so I could live on my terms of ya get me[/quote]
    Now, now... Don't be taking it out on the people here who were kind enough to offer advice. Your situation is not of their making. You risk coming off as an entitled millennial, ya get me?


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    #39
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    You can't have everything on your own terms. You said you don't "wanna" leave your job. There goes any chance of increasing your salary if you find another job in Dublin. You don't seem to be interested in finding a job elsewhere. Even if Dublin prices drop a bit, the odds are still stacked against you. Your wages are too low. You're single. It's a problem. What you need is a plan.

    I ended up house sharing in my 30s after my long term relationship went tits up. It wasn't what I wanted to do but it was a means to an end. It got me my deposit and now I'm happy out. But there is no chance whatsoever that I'd have bought something anywhere half nice in Dublin. And I was earning more than you are.


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    #40
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #41
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    I thought I'd be buying as a couple too. It didn't work out so I changed tack and made compromises. I'm now sitting in my own house. La de dah .


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    #42
    power pants
    Registered Users Posts: 2,907 ✭✭✭power pants


    Ursus Horribilis wrote: »
    You can't have everything on your own terms. You said you don't "wanna" leave your job. There goes any chance of increasing your salary if you find another job in Dublin. You don't seem to be interested in finding a job elsewhere. Even if Dublin prices drop a bit, the odds are still stacked against you. Your wages are too low. You're single. It's a problem. What you need is a plan.

    I ended up house sharing in my 30s after my long term relationship went tits up. It wasn't what I wanted to do but it was a means to an end. It got me my deposit and now I'm happy out. But there is no chance whatsoever that I'd have bought something anywhere half nice in Dublin. And I was earning more than you are.

    Op seems more focused on being single than anything else . Break up maybe recent as seems to still be in the venting stage

    Do some research, rebuild Ireland

    Because you are single doesn’t have to exclude you from buying


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    #43
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #44
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #45
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #46
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    You do need to drop the negative mindset though.
    House sharing doesn't have to be hell if you find housemates who are sound. That definitely made my later house-sharing days a lot nicer, plus I made a couple of friends from it.

    You need to earn more money by the looks of things. You're going to have to leave where you work sometime unless you think you'll be there until they give you a gold clock. Unless of course there are proactive steps you can take to move up the ladder more quickly. Can you study at night or get additional qualifications?


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    #47
    Sarn
    Registered Users Posts: 3,060 ✭✭✭Sarn


    The reality for someone trying to purchase on their own is that it will take a lot longer. Realistically, a bigger deposit is needed to overcome the single salary disadvantage.

    That was the approach that I took, saving up a large enough deposit to allow me to do it on my own. In the end it wasn’t necessary, but when we bought we were able to get our house in Dublin on one salary.


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    #48
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    See here
    https://www.daft.ie/dublin-city/property-for-sale/?s%5Bmxp%5D=175000

    You can buy a house under 220k or a 1bed apartment .
    Save as much as you can .
    look on daft.ie and myhome.ie .
    No one can predict what will happen with brexit or the economy .
    Its pointless to wait for prices to fall if you want to buy in dublin .
    It may never happen.
    When you have 20k saved go to a mortgage broker.
    He will give you advice re how much you can borrow and help you to get a loan.Save your money in aib or TSB bank.
    When you apply for a loan they may look at your saving,s eg you were able to save x amount per month, every month.
    You may be reliable in terms of paying a mortgage every month.
    Or just go to a bank and apply for a mortgage.
    I think banks would expect you to have 20k saved approx if you are buying a house for 200k.
    I do,nt know what deposit they may expect a single person to have versus a couple buying the same house.
    I think the banks look at could you pay the loan back if rates go up by 2 per cent ,
    you salary, your deposit, what you pay in rent is not their concern.
    The easiest option is just buy a 1 bed apartment for 160-180k if you can find one at that price range.


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    #49
    wersal gummage
    Registered Users Posts: 1,643 ✭✭✭wersal gummage


    sashafierce wrote: »
    This post has been deleted.
    sashafierce wrote: »
    This post has been deleted.

    I'm not sure you'd be a great candidate for a mortgage. If interest rates went up by 2 or 3% you could be in trouble.


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    #50
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    wersal gummage wrote: »
    I'm not sure you'd be a great candidate for a mortgage. If interest rates went up by 2 or 3% you could be in trouble.

    I'd say a very large number of people would be in trouble if rates went up by 3%. That's a massive increase. On a 300k property over 30yrs it would increase your monthly payment by the guts of 500eur per month.


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    #51
    wersal gummage
    Registered Users Posts: 1,643 ✭✭✭wersal gummage


    Interested Observer wrote: »
    I'd say a very large number of people would be in trouble if rates went up by 3%. That's a massive increase. On a 300k property over 30yrs it would increase your monthly payment by the guts of 500eur per month.

    Thanks but I get how interest rate hikes work! Your example is an additional outlay of 6k per annum, or 60k per decade. The person asking is saying that, having saved for a decade, they have 17k. I'm just saying that their disposal income might be deemed by the banks to be a bit tight (if those savings are in any way representative of overall earnings). Banks will stress test now for 2% increase


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    #52
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #53
    Geuze
    Registered Users Posts: 13,104 ✭✭✭✭Geuze


    sashafierce wrote: »
    This post has been deleted.


    https://www.askaboutmoney.com/threads/23-of-the-value-of-total-ftb-lending-exceeded-the-3-5-lti-limit-only-7-loans-exceeded-90-ltv.209857/#post-1585423

    FTB average income = 73,272

    SSB average income = 106,285


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    #54
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #55
    SteM
    Registered Users Posts: 6,565 ✭✭✭SteM


    volchitsa wrote: »
    What about buying with a friend? People do that in London, the idea being that in a few years either one of the two buys out the other or both sell and move on.

    2 friends of mine did that during the last boom, it did not turn out well for them. Friends go into these things with the best of intentions but then life gets in the way.


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    #56
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    sashafierce wrote: »
    I don't want to say what my salary is I'm easily identifiable on here. I saved 17k in the last 10 years. I've also bought a car out right, travelled extensively and lived abroad in that time so I think 17k at the end of that is decent. I could of saved double that and had no life

    I hear you. On the other end of the spectrum. While you and I may have travelled. Other people have saved and saved and not done any of those things so they can afford their own houses. It’s all about comprimising and prioritizing your goals whatever that might be in life. To get a house. Normally you would have to at least plan 3-5yrs in advance in preparation of what you want to achieve.Some I’m sure have been saving for 10years or more.


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    #57
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    sashafierce wrote: »
    I don't know anyone at 28 years old making 73k . As a couple year sure but not an individual

    That income figure is per application, 70% are joint applications.


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    #58
    Geuze
    Registered Users Posts: 13,104 ✭✭✭✭Geuze


    To give you a comparison, 15 years ago I was saving 700 pm towards a deposit, while running a car, paying non-Dublin rent, and going on 2-3 holidays (not extravagant) each year.

    Sorry to be negative, but 17k savings isn't a lot when buying a house.


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    #59
    Geuze
    Registered Users Posts: 13,104 ✭✭✭✭Geuze


    sashafierce wrote: »
    This post has been deleted.

    The average age of FTB is 34.

    Yes, many FTB are couples.

    Average earnings in Ireland, incl overtime, are 46k.


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    #60
    sashafierce
    Registered Users Posts: 3,599 ✭✭✭sashafierce


    This post has been deleted.


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    #61
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    You'll need to subtract about €5k from that €17k as well. Solicitor's fees, stamp duty, property tax, the surveyor and the valuer all need to be paid before you draw down your mortgage.


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