Got Mortgage Approval today

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