Got Mortgage Approval today

niceirishfella

icescreamqueen wrote: »

Do you have selective vision?!

no, but your post was erronious and misleading.

Diarmuid

icescreamqueen wrote: »

Houses prices have already come down a huge amount but my point is they won't come down much more in certain areas.

yes. The booming economy, falling tax rates, increasing wages and no property bubble in the rear-view mirror will guarantee that. :rolleyes:

oceanclub

At the end of the day, I don't give a hoot if people buy or not. Just as long as they don't return - like people who bought in 2006 did - to ask (a) why did no-one warn them they would be in negative equity and unable to sell now that they _have_ to move or (b) everyone else is getting their bailout, where's mine? (That muppet Marc Coleman wants his stamp duty paid back to him, would you believe).

P.

Senna

Just one last point, if you are doing you maths on any purchase, you need to consider interest rates of 6% and budget for a 15% drop in earning.

But as always, blind optimism will win out for most of the people wanting to buy now, yes owning a house is nicer than renting, thats a given. But if that fact alone is enough for people to brush common sense under the carpet, then run on.
When interest rates are back to normal, when your paying out 50%+ of your wages on a mortgage for a house thats worth less than you bought it for, when we've had 3/4 budgets of increasing taxation, when TRS is stopped, when Property Tax comes in, i hope none of you will be posting on here complaining about the raw deal you got or looking for the government to bail you out.
edit; same point as oceansclub made above

oceanclub

Senna wrote: »

Just one last point, if you are doing you maths on any purchase, you need to consider interest rates of 6% and budget for a 15% drop in earning.

Just to confirm this, the ECB rate is currently rock bottom:



It has to be assumed that interest rates will go back up another 2% at some point. The worst problem is for Ireland, the big EU states will probably recover before us and therefore need to put the rates back up even when it doesn't suit us.

P.

Duckjob

oceanclub wrote: »

Just to confirm this, the ECB rate is currently rock bottom:



It has to be assumed that interest rates will go back up another 2% at some point. The worst problem is for Ireland, the big EU states will probably recover before us and therefore need to put the rates back up even when it doesn't suit us.

P.

Indeed. I shudder to think what this will mean for thousands of families who are just hanging on by their fingertips right now.

gurramok

Dr_Phil wrote: »

Bad idea, all you get here is whinging about how screwed the country is, and that you have to wait another 18 months as it's certainlly gonna be a point at which the houses will cost 50 euro/each.

And this is from the guy who sought advice here on whether to buy or not. http://www.boards.ie/vbulletin/showthread.php?t=2055740640

Did you end up splashing out 350k on that gaff in D3 yet?

oceanclub

Can I suggest that people who come to internet forums seeking reassurance rather than honest opinions go ask for a hug from mammy instead?

kthxbye.

P.

niceirishfella

oceanclub wrote: »

Can I suggest that people who come to internet forums seeking reassurance rather than honest opinions go ask for a hug from mammy instead?

kthxbye.

P.

+1 , and live in the REAL world too.:)

denhamd2

)

dan_d

Honest advice - buy a house that you can live in for the next 20 years. So assuming you have an other half and maybe you might like a family at some point, that would be a house - not an apartment - maybe 3/4 bed, with decent living space.
If you want to buy an apartment go for it, but bear in mind that you will in all likelihood want to sell it in the not too distant future and get something a bit bigger. If that's the case - think negative equity.
May sound boring and stupid and old-fashioned, but if your heart is set on it, and you're happy you're in a job where you can keep re-paying the mortgage then absolutely knock yourself out.Just think long-term. Not short term. And don't even consider the idea of "selling in a few years and making a profit", because that's what has most people in the mess they're in now.
I'm not sure where you're looking but you can get some decent 3 bed houses for the mortgage you're approved for.
Bottom line is that I could throw lots of statistics at you about the ups and downs of the market, but the only time the price of your house matters is the day you buy and the day you sell. So make the day you sell way into the future, and buy something you can live in long term. Nobody can really predict what will happen in the housing market, but my gut feeling says it's not going anywhere up anytime soon. If you're happy to buy, then just do it.

Peterx

There are enough optimists to cover the dripfeed of houses (not apartments) being sold by forced sellers such as deaths and divorces.

A three bed house with a garden in the area you want to live is exactly the house that is selling - despite the unrelenting negativity on da interweb*

I have looking to buy a house in one area and have been outbid on houses that have subsequently been sold. It's all about circumstances.
Mine are I wanna house, I've had enough of renting



*the unrelenting negativity on da interweb may be correct

Dr_Phil

gurramok wrote: »

And this is from the guy who sought advice here on whether to buy or not.

Of course, I've got my lesson which led me to a certain conclusions, so that I can now advise the others:

Wait 18 months
Buy house for 50 euro



Am I wrong?

gurramok

Dr_Phil wrote: »

Of course, I've got my lesson which led me to a certain conclusions, so that I can now advise the others:

Wait 18 months
Buy house for 50 euro



Am I wrong?

Where did one say 'buy house for 50 euro'?

oflahero

Dr_Phil wrote: »

Of course, I've got my lesson which led me to a certain conclusions, so that I can now advise the others:

Wait 18 months
Buy house for 50 euro



Am I wrong?

Not if you'll be looking for an apartment in Leitrim.

Firetrap

Dr_Phil wrote: »

Of course, I've got my lesson which led me to a certain conclusions, so that I can now advise the others:

Wait 18 months
Buy house for 50 euro



Am I wrong?

Somewhere between €50 and shelling out 50 or 60% of your monthly take home pay might be a happy medium I think.

stepbar

For anyone that's interested -

http://www.boards.ie/vbulletin/showthread.php?p=62836653#post62836653

The two places I put bids on are still for sale (abeit a month later). One has dropped by 30k and the other has stayed still. Other places I'm keeping an eye on are starting to drop also, so I wouldn't be in a rush.

denhamd2

Hi all,

I'm in a similar position to a couple of the other guys posting. I've been renting about 4 years and am hoping to take the plunge in about a year's time. Myself and my wife combined salary is €69k. Imagining in a year's time if we got together a deposit of €16k but taking into consideration we would have outstanding combined loans of 15k where would we stand to apply for a loan for a house valued at 200k? Obviously its not good having loans but hopefully the bank would take into accout we've been paying them off on time for 3 years at that stage. i understand the amount you can borrow will decrease with having outstanding loans but my question is do you think we would be approved?

Thanks