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10-02-2019, 21:13   #31
MSVforever
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Originally Posted by spurshero View Post
Jesus ya may as well be dead ....
You don't have to do all of this but unless you earn a decent salary you can't have it both ways (speaking from experience ).

Similar to the OP I had zero interest in owning a property in my twentieth. It was all about going to uni, working part time, travelling and getting wasted etc

Once you meet your other half and start having a family your priorities change drastically.

If you live frugal for 3-5 years you still have enough time to enjoy yourself
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10-02-2019, 21:17   #32
Moonbeam
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and by christ if youre single youre fooked, most of the advice is stay indoors and do nothing and you'd have 0 chance to go out and meet someone , that and having to save twice as hard for the deposit.

the real lesson here is, if youre single, live places that houses cost 100k or under or wait until youre with somebody and the two of you can isolate yourselves completely from the outside world for 6 months-a year in order to just about to afford to live within 1.5 hours rush hour commute of a city.

Yaaaaaayy......
I married one of my tenants
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10-02-2019, 21:32   #33
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She's far too impulsive, and unsurprisingly owes even more on her nes, credit card, and put no money aside for savings.

She cribs and moans about the housing crises and how unfair it is for people like her in their 30's.

While here is hardship for some, you could have two people in the same job,one manages a deposit while living fine, the other blows all the money on iPhones, lattes, credit card interest and generally the most expensive way of doing everything.



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I married one of my tenants
#
Does that mean they stop paying rent?
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10-02-2019, 21:33   #34
James Bond Junior
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I did it in my mid twenties. Sold the nice car, cleared my debts and took on extra work. I could have well have done it without the extra work but the biggest advice I would give is budgeting.

Work out your fixed monthly outgoings and send that amount plus 10% into a separate account. Educate yourself on when what comes out and dip into it as each bill needs to be paid. Leave the extra 10% accumulate and if you have an unexpected bill then you have cash set aside. Work out what you can realistically comfortably live on per week and stick to it. If paid monthly, fire it over to the bills account and then "pay" yourself every Friday. Anything you've left from your "weekly pay" fire into your savings. Also plan your meals and do your shopping the day you allow your stipend into your account. Ditto put petrol in the car on that day. What you have left after the essentials is for the pub, stupid purchases etc. It takes a fair bit of self control and discipline but it works especially if you have standing orders. My other half started this system and she remarked after a month or two that she never has as much money for herself as everything was taken care of in advance. I have used this system for years and it has meant I was able to buy my house alone yet never missed out on anything like holidays, a second car, eating out and so on.
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10-02-2019, 22:17   #35
Wood
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Currently single ( fiancé who is a single parent). Had a crap job then got promoted.

Have about 5% of a deposit. Basically begged stole and borrowed to make the 10%.

Still not approved. Mortgage repayments are 40% of current rent.

So to answer your question. I have no idea.

Income is over 100k a year beyween us. Can't get a mortgage for 200k.
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10-02-2019, 22:36   #36
muddle84
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Currently single ( fiancé who is a single parent). Had a crap job then got promoted.

Have about 5% of a deposit. Basically begged stole and borrowed to make the 10%.

Still not approved. Mortgage repayments are 40% of current rent.

So to answer your question. I have no idea.

Income is over 100k a year beyween us. Can't get a mortgage for 200k.
Why not? If you have your deposit and you earn more than 100k between you and can't get a 200k mortgage then there is something else a miss there? Have you a bad credit rating or a few loans?
Me and my better half are earning over 100k combined and have been approval in principle from 3 different banks from 250k mortgage. No problem, they asked do we not want more!
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10-02-2019, 22:37   #37
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In certain counties, sure.

Dublin?
Cork?
Galway?

Forget about it.
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10-02-2019, 22:53   #38
ontheditch2
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Living in Cork, lived my best life through my 20s and early 30s.
Got into a relationship and at Christmas last year, decided to start saving for a deposit. Over the course of the year, managed to put away €9k in the year, as did herself. Added that to the €10k she already had and we now have out deposit and recently gone sale agreed.
I'm making below average wage, she is making average wage, between us we are making nearly €80k a year.

Not saying it was easy but it was just being a bit cuter with my spending.
I've never saved until last year, spent my money as it came in. Never turned down a stag/wedding/trip away etc. Spent €6k on a solo trip to the states 3 years ago for 2 weeks.
My life didn't turn to **** once I started saving, was just a bit more prudent with my spending. Only had 1 foreign trip instead of my usual 3 or 4, cut down on eating out and ate at home more etc.
We did it in essentially 2 years, so it is possible. Set up the savings account to take money out of your account as soon as you get paid. Sacrifice a few small things and you will make it work.

Things benefiting us. Paying €700 rent between us, had only 2 weddings, 1 cheap holiday away, not big drinkers, so might only have 1 heavy night a month, no work commuting costs for herself.

In hindsight, if I had my head screwed on a few years earlier, could of saved way more, but would probably end up in the same place.

Set your targets, them start working towards them. I won't say it is easy but it is not as hard as some make out.
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11-02-2019, 00:13   #39
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I'm a big believer in short time sacrifice for long term pleasure.

When I bought my first place, I sold my car. I reduced the amount of times I went out drinking. I stopped buying clothes and only bought stuff when I needed. I just cut back everywhere I could and I managed to save lots of money within a short period of time. I also asked a friend for a lend of money to help build my deposit. I managed to buy my place and I paid my friend back within a year.

Cutting back actually thought me a lot - I didn't need much to be happy. Since then I have become somewhat of a minimalist, I now only buy what I need and I don't feel an impulse to buy when I see something new. I pay a mortgage and I still manage to save money every month.

It is true that, a lot of people who complain about the rising house prices etc are the same people who drink Starbucks coffee every morning, pay a gym membership that they don't use, have the top Sky TV package and go on holidays whenever they can.

If you really really want to start saving, either you increase your income or reduce your expenses. Reducing expenses is usually the easiest option of the two.

It's all about mindset.
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11-02-2019, 00:31   #40
Gimme A Pound
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I'm sorry but that just reads like excuses. You know that to qualify for a mortgage you need savings and probably from both applicants, there is no way around it, 100% mortgages are not sustainable, try your local authority get some ideas from them about a starter home, you may also qualify for the Help to Buy scheme.
What are the excuses? What you're saying doesn't contradict the sentiment of the post. And they didn't give an indication that they're not single.
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Buy an apartment, save for a couple of years and trade up?
They can't get a mortgage - how can they buy an apartment?!
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11-02-2019, 00:39   #41
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If you want to buy a property something has to give. It's always been that way. I bought my house after three years of solid saving, no nights out, no holidays, no expensive treats...yes it was hard but completely worth it to have my own place. I was 25. If I'd had the mindset that my money was for enjoying myself I wouldn't have my own place now. It's all about priorities.
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11-02-2019, 00:48   #42
Gimme A Pound
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Now though when house prices are totally crazy, a person in their 30s or 40s, unless also in a relationship (and even then there are no guarantees) or earning a very high salary (and given the limited window they have left for the duration of a mortgage repayment plan) doesn't have a great chance.

Local authority affordable housing scheme is probably the best bet.

Last edited by Gimme A Pound; 11-02-2019 at 01:03.
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11-02-2019, 00:58   #43
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It depends where they live. Dublin is an utter basket as are some of the other cities. And with the way things are going, they'll not have to be retired at 65.
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11-02-2019, 07:22   #44
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Quote:
Originally Posted by Wood View Post
Currently single ( fiancé who is a single parent). Had a crap job then got promoted.

Have about 5% of a deposit. Basically begged stole and borrowed to make the 10%.

Still not approved. Mortgage repayments are 40% of current rent.

So to answer your question. I have no idea.

Income is over 100k a year beyween us. Can't get a mortgage for 200k.
If you have your deposit saved and you earn combined over 100k per year and you can't get mortgage approval then there's something you're not telling us.
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11-02-2019, 07:33   #45
Addle
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Agree, short term pain for long term gain.

How will you pay rent in your 70s/80s?
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