Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
11-02-2019, 07:47   #46
Wanderer78
Registered User
 
Wanderer78's Avatar
 
Join Date: Apr 2015
Posts: 11,614
Quote:
Originally Posted by Addle
How will you pay rent in your 70s/80s?

Don't be surprised if inter-generational mortgages appear on these shores, what a mess our housing market has become
Wanderer78 is offline  
Advertisement
11-02-2019, 09:22   #47
Eric Cartman
Registered User
 
Eric Cartman's Avatar
 
Join Date: Sep 2007
Posts: 18,169
Quote:
Originally Posted by Interested Observer View Post
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.
No credit is a possibility. Theres some people who are really good at squirriling away money in a savings account who have never had even a credit card that banks are weary about lending to
Eric Cartman is offline  
11-02-2019, 09:44   #48
Creamy Goodness
Registered User
 
Creamy Goodness's Avatar
 
Join Date: Nov 2001
Posts: 24,156
Quote:
Originally Posted by Eric Cartman View Post
No credit is a possibility. Theres some people who are really good at squirriling away money in a savings account who have never had even a credit card that banks are weary about lending to
the banks don't seriously take credit cards into consideration unless you're terrible at paying them off. as an aside I'm in the camp of "paying a single cent in interest" is the day I cut up my credit card camp.

It's more likely that the issue here is their discretionary income is falling below the banks thresholds, be that existing loans they may have, bad credit history of previous loans, creche fees etc. Or it could be that they are both relatively new sole-traders where the banks are a lot stricter on. There's 101 different things it could be... the main point is there's something they're not telling in the posts for whatever reasons.

Last edited by Creamy Goodness; 12-02-2019 at 05:51.
Creamy Goodness is offline  
Thanks from:
11-02-2019, 09:55   #49
Pussyhands
Banned
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,578
I think it's not as difficult as many make it seem.

I'm on under the average salary, have been working for 6 years at probably an average of 35k and I have 70k in my current account, have thrown away 1k on bitcoin, bought a decent car for nearly 10k, and currently have 1.5k in stocks and I have bought some expensive items too.

My rent is probably 2k a year lower than market rates but even then I'd still have 58k. I do house share which I think is normal at my age. House sharing is normal in your 20's if you're single, and it's not just something that happened during the housing shortage. I see people talking as if people sharing in their 20's is some awful effect of the housing crisis.

If I was living on my own, it would probably cost me close to 10k more a year. That's 60k of my 70k gone.

I honestly don't know what some people spend their money on as I'd struggle to spend all my salary in a month if I tried.
Pussyhands is offline  
(4) thanks from:
11-02-2019, 09:59   #50
GingerLily
Registered User
 
GingerLily's Avatar
 
Join Date: Jul 2016
Posts: 3,562
Quote:
Originally Posted by Eric Cartman View Post
Quote:
Originally Posted by Interested Observer View Post
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.
No credit is a possibility. Theres some people who are really good at squirriling away money in a savings account who have never had even a credit card that banks are weary about lending to
Not in Ireland, if you've evidence that you save regularly and in good amounts then the banks will be interested. Having a healthy CC helps but banks here don't follow the US/UK credit rating system so you don't need a history of borrowing.
GingerLily is offline  
Advertisement
11-02-2019, 10:04   #51
witchgirl26
Registered User
 
Join Date: Dec 2009
Posts: 1,505
Honestly I saved feck all during my 20's. Way too interested in enjoying myself. I'd have a small amount saved but would end up using for for something like a car or holidays. Towards the start of my 30's, I realised that had to change so I started saving small amounts each month and then increased the amount every few months. Was it tough - course it was! It's not easy to get something you want. That said by 33 I was able to afford a sizeable house with my other half with the full deposit between us (not using HTB) and get approved for a mortgage. I'm not being a matyr here but if you want something, you're going to have to give up other things. And during this time, my OH retrained and switched career into something completely different. It takes a bit of effort, course, but worth it now. Mortgage is not too mad per month and still have income to save/spend afterwards.
witchgirl26 is offline  
(2) thanks from:
11-02-2019, 10:06   #52
Pussyhands
Banned
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,578
Quote:
Originally Posted by spurshero View Post
Jesus ya may as well be dead ....
As someone who ticks most of those boxes....

If you think smoking, buying lunch at work, cycling instead of driving to work, working outdoors instead of the gym is so much of a sacrifice that you "may aswell be dead" then I don't think there's any helping you.

OP gave you a list of cost cutting measures, you don't need to do them all.
Pussyhands is offline  
11-02-2019, 10:06   #53
Wanderer78
Registered User
 
Wanderer78's Avatar
 
Join Date: Apr 2015
Posts: 11,614
Quote:
Originally Posted by witchgirl26 View Post
Honestly I saved feck all during my 20's. Way too interested in enjoying myself. I'd have a small amount saved but would end up using for for something like a car or holidays. Towards the start of my 30's, I realised that had to change so I started saving small amounts each month and then increased the amount every few months. Was it tough - course it was! It's not easy to get something you want. That said by 33 I was able to afford a sizeable house with my other half with the full deposit between us (not using HTB) and get approved for a mortgage. I'm not being a matyr here but if you want something, you're going to have to give up other things. And during this time, my OH retrained and switched career into something completely different. It takes a bit of effort, course, but worth it now. Mortgage is not too mad per month and still have income to save/spend afterwards.
unfortunately, when you introduce things such as increasing worker insecurity, in the form of increasing precarious nature of work, particularly for younger generations, rapidly rising housing prices, low wage inflation, etc etc etc you have a big problem.
Wanderer78 is offline  
(3) thanks from:
11-02-2019, 10:07   #54
abcabc123123
Registered User
 
Join Date: Jul 2008
Posts: 203
Quote:
Originally Posted by Gimme A Pound View Post
They can't get a mortgage - how can they buy an apartment?!
They haven't checked if they can get one.
abcabc123123 is offline  
Advertisement
11-02-2019, 10:08   #55
 
Join Date: Nov 2005
Posts: 68
Quote:
Originally Posted by Gimme A Pound View Post
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.
A person in their 30s or 40s has been working for 10 to 25 years. If they can't save a deposit in that time then no bank should be lending them money.
f@steddie is offline  
11-02-2019, 10:13   #56
Pussyhands
Banned
 
Pussyhands's Avatar
 
Join Date: Aug 2017
Posts: 1,578
Quote:
Originally Posted by bucketybuck View Post
Basically the take away from this thread is that if you want to buy a house you need to make it your entire life's focus, give up everything that costs money, work every waking hour and then eventually in the next decade you will have a deposit and can start looking at houses. Though you won't get your dream house, it'll be some apartment or crappy starter home.

Wonderful.
If you're on an average wage you're going to have an average home in an average location.

It really is supply and demand. A house is the most expensive thing you'll buy in your life. If you could buy a great house easily while on 40k why would anyone want to earn 60k?
Pussyhands is offline  
Thanks from:
11-02-2019, 11:19   #57
Keyzer
Registered User
 
Keyzer's Avatar
 
Join Date: Sep 2004
Posts: 3,261
Quote:
Originally Posted by MSVforever View Post
It's possible. You’ll be surprised how much you can save. Obviously it depends on your circumstances.

Are you living in Dublin? Do you live at home with your parents or do you have your own place?

What is your current rent?

What is your net salary?

You can save a lot of money by doing the following:

1. Bring your lunch to work
2. Bring your own coffee to work
3. Don't get takeaways and don't go to restaurants
4. If you drink then don't go to pubs
Have a few drinks at home instead.
5. Quit smoking if applicable.
6. If you live close enough to work then either get a taxsaver ticket or a bicycle
7. Get rid of the car if applicable.
8. Get rid of bill pay phone - pre pay instead
9. Quit gym and workout outdoors instead
10. Go on cheap holidays i.e. camping, air b&b, couch surfing etc
11. Team up with a girlfriend / boyfriend so you can save more and cut utility bills etc

Be frugal for a couple of years and you'll have a deposit in no time.
Worked with a young chap who did all of the above other than 9 and 11 and he bought an apartment on his own last year - he set his mind to it and he did it. I was extremely impressed with his dedication.

Its all about mind set and willingness to sacrifice for a long term goal.
Keyzer is offline  
(2) thanks from:
11-02-2019, 11:31   #58
shenanagans
Registered User
 
Join Date: Dec 2012
Posts: 372
It's simple really there's people that are good with money and then there's people who can't manage their money.

If you're in the wrong category then you'll struggle to save.
shenanagans is offline  
11-02-2019, 11:34   #59
Keyzer
Registered User
 
Keyzer's Avatar
 
Join Date: Sep 2004
Posts: 3,261
Quote:
Originally Posted by shenanagans View Post
It's simple really there's people that are good with money and then there's people who can't manage their money.

If you're in the wrong category then you'll struggle to save.
Exactly. Simple changes can make a huge difference such as DD a % of salary into a savings account immediately after you get paid, preferably an account which is intentionally difficult to access (weeks notice to withdraw).
Keyzer is offline  
11-02-2019, 11:35   #60
witchgirl26
Registered User
 
Join Date: Dec 2009
Posts: 1,505
Quote:
Originally Posted by shenanagans View Post
It's simple really there's people that are good with money and then there's people who can't manage their money.

If you're in the wrong category then you'll struggle to save.
But you can learn to manage your money. It's not something you should just go "oh well I'm bad at managing money so that's it for the rest of my life". It's a skill that requires effort be put in. Some people, like anything, will have a natural ability whereas others will have to work a bit more at it.

I'm not great at managing money naturally but I've worked hard to get myself into a habit of saving, watching what I spend and being smarter with switching bills etc.

Otherwise it's just another excuse.
witchgirl26 is offline  
(3) thanks from:
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet