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Whats the maximum mortgage you can get nowdays?

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    #32
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    AARRRGH wrote: »
    It's not bull****. I am not on a huge income. I'm just good with money.

    You save probably 75% - 100% of my net wage. So stop saying you not on better than average money. Unless you don't pay rent or something, It's very hard to get away with living on less than 500 eur (on average) a month (inc expenses). So lets say it takes 1k to sustain you, added on to savings of 1.5 - 2k and you got a fairly decent wage.

    TBH, and I'm going to get slaughtered for this, there should be 100% mortgages under a certain price level (perhaps <150k maybe lower) and subject to stricter criteria e.g minimum wage level / higher minimum NDI. But of course you wouldn't get much of a house for less than 150k. I'd be more concerned if someone had't got "a rainy day" fund in case of unemployment or other emergency. Spending on a deposit (for the level of mortgage mentioned above), wipes that fund out in one fell swoop.


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    #33
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    D3PO wrote: »
    Spot on fletch. its because too many people here thing they deserve everything, the new car, the 2-3 holidays a year, go out every weekend, for dinner, concerts etc.

    If you want to buy a house then you have to make an effort of saving for it. Home ownership isnt an entitlement

    Hold on, there's a happy medium somewhere. People are entitled to enjoy themselves a bit. It's not all take, other people depend on you spending you wage too. It shouldn't be beyond anyone to own a home of their own.

    Let me tell you when you've given over the best part of 15k to a landlord over the last 3 yrs you'd understand where I'm coming from when I say I'd like to own my own home. I'd be more concerned about making sure I've the "rainy day fund" sorted out first than the deposit for a house. I don't think I should necessarilly be punished for it (of course it depends on the size of mortgage one is looking for).


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    #34
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    stepbar wrote: »
    Hold on, there's a happy medium somewhere. People are entitled to enjoy themselves a bit. It's not all take, other people depend on you spending you wage too. It shouldn't be beyond anyone to own a home of their own.

    ).

    I never said there wasnt a happy medium, but the amount of people that have the attitude i want a house why wont the bank give me x% its too hard to save that much it will take forever need a reality check.

    im just saying if people want to buy a hosue they have to realise that most likely means a change in your lifestyle, instead of going out friday and saturday night perhaps you can only go out one of the nights or even once every two weeks, instead o the skii holiday and the sun holiday and the 2-3 city breaks you can only have the 1 sun holiday etc etc

    fact is that irresponsible attitudes to money got us into this mess and people need to realise that owning a house and the finincial commitment to it means they need to look long and hard about what there doing and how their living.


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    #35
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    D3PO wrote: »
    I never said there wasnt a happy medium, but the amount of people that have the attitude i want a house why wont the bank give me x% its too hard to save that much it will take forever need a reality check.

    im just saying if people want to buy a hosue they have to realise that most likely means a change in your lifestyle, instead of going out friday and saturday night perhaps you can only go out one of the nights or even once every two weeks, instead o the skii holiday and the sun holiday and the 2-3 city breaks you can only have the 1 sun holiday etc etc

    fact is that irresponsible attitudes to money got us into this mess and people need to realise that owning a house and the finincial commitment to it means they need to look long and hard about what there doing and how their living.

    Of course, but I choose to spend my money on my education / "rainy day fund" in the hope of moving up the greasy pole in a few yrs time. That's not irresponsible nor should it prevent me from buying a house under a certain price bracket (as suggested 150k) without a deposit. BTW, I haven't had a holiday in 3 years!


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    #36
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    stepbar wrote: »
    Of course, but I choose to spend my money on my education / "rainy day fund" in the hope of moving up the greasy pole in a few yrs time. That's not irresponsible nor should it prevent me from buying a house under a certain price bracket (as suggested 150k) without a deposit. BTW, I haven't had a holiday in 3 years!

    im not aiming my posts towards you its fair to say your in the minority, but nobody should be allowed to buy a house without a deposit.

    100% mortgages are a bad idea theres no argument for them at all regardless of the circumstance


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    #37
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    D3PO wrote: »
    im not aiming my posts towards you its fair to say your in the minority, but nobody should be allowed to buy a house without a deposit.

    100% mortgages are a bad idea theres no argument for them at all regardless of the circumstance

    An affordable home deposit is 3%. Given that the majority of these type of houses are overvalued as is (imo), you might as well give out a 120% mortgage. It's very incorrect to say that a 100% mortgage is a bad idea in all circumstances. The problem back in the day was everyone was getting them and adding in rental income to get same. As i've said under a certain level it makes very little difference in terms of risk.


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    #38
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    stepbar wrote: »
    An affordable home deposit is 3%.

    and an even more affordable deposit is 2% doesnt mean that should be a reasonable though does it ?

    I still stick by the premise that if somebody can only save 3% they cannot afford to buy a property. It just indicates they dont have a saving mentality, and are likely to fall into difficulty repaying if rates go up if they have unexpected expense arising etc


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    #39
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    stepbar wrote: »
    As i've said under a certain level it makes very little difference in terms of risk.

    True but banks shouldnt be in the business of taking unnecessary risks, and certainly any banks that have been bailed out by the taxpayer via Nama would be silly to even consider it


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    #40
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    stepbar wrote: »
    It's very incorrect to say that a 100% mortgage is a bad idea in all circumstances.

    Every single house in the country is dropping in price and will be for a few more years, it is very correct to say 100% mortgages are a bad idea. At least it give some equity to the people buying, but more importantly having a deposit proves you ability to budget and save.
    stepbar wrote: »
    As i've said under a certain level it makes very little difference in terms of risk.

    What levels?? people buy houses in relation to their incomes, a millionaire doesn't buy a house for €150k and a minimum wage worker doesn't buy one for €500k. Just because a house is €100k, doesn't mean the purchaser is more likely or less likely to default.


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