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Signed for house - TODAY

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    #32
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    MRBEAVER wrote: »
    You're contradicting yourself now. Your earlier post said "Interest rates rise, prices fall" but prices fell when rates fell and prices were rising a few years ago as rates were rising. fact is there is not much of a correlation between the two historically.


    100% incorrect. Any part of your post that is correct is only correct by accident. For example, tiny drops of 25bps or whatever once the crash had already started is not an example of prices falling while rates do. It is coincidental, not causative.

    The #1 factor effecting property prices is the cost of credit. I have no idea what "history" you have been looking at that suggests otherwise.


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    #33
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    staker wrote: »
    Hadn't realised this:o

    Could one calculate these future repayments, say at a guessed "informed" interest rate?

    Sure, it's trivial. People should be forced to spend ten minutes with a mortgage calculator in the presence of an independdent financial advisor before they are allowed to take a mortgage.

    Plug your numbers into www.drcalculator.com/mortgage

    As a matter of interest, come back and let us know your reaction to the resulting figures, good or bad!


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    #34
    staker
    Closed Accounts Posts: 5,677 ✭✭✭staker


    I just more than doubled the rate at which I'm paying now, which I consider conservative(7.0%).

    Without the mortgage relief, it's not a pretty picture tbh.


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    #35
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    staker wrote: »
    I just more than doubled the rate at which I'm paying now, which I consider conservative(7.0%).

    Without the mortgage relief, it's not a pretty picture tbh.

    Congrats to the OP on the new purchase. May you have many happy years in your new home. But to those who say negative equity doesn't matter, what if it's presented as a lower cost (and thus lower, possibly short-term) mortgage, saving you tens of thousands of Euro in the process? It starts to matter then.


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    #36
    blast06
    Registered Users Posts: 228 ✭✭blast06


    People wondering about asking price versus sale price.
    I closed a sale in Raotath for a decent 3 bed semi for 243K about 2 months ago with an asking price of 247,500.
    Yes, i was surprised too ! but i pitched my asking price at 10K lower than the lowest asking price on the estate


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    #37
    quozl
    Registered Users Posts: 3,308 ✭✭✭quozl


    Congratulations and best of luck, Staker.


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    #38
    gally74
    Closed Accounts Posts: 1,997 ✭✭✭gally74


    congrats enjoy


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    #39
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    Congrats OP. Btw I disagree that price only matters on the day you buy & sell. Switching mortgage providers (to obtain a lower interest rate) can be difficult (if not impossible) if you are in negative equity


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    #40
    noodler
    Registered Users Posts: 26,388 ✭✭✭✭noodler


    Prices are widely predicted to fall to 50% of their 2006/2007 levels over the next year or so.

    They have fallend by 34% so far (nationally) but that figure is obviously higher for Dublin.

    So while prices are likely to keep falling - there is no definite way of saying the house you bought would have fallen much more - they are only average figures.

    Again - wouldn't worry about it and congrats.


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    #41
    3DataModem
    Registered Users Posts: 3,994 ✭✭✭3DataModem


    warrenaldo wrote: »
    Monthly repayments - after interest relief will be approx 900 per month.

    Renting a similar property - approx 1000 a month (maybe 950)

    Nice.

    The first number will stay more or less level for 35 years.

    The second number will probably be 3000+ in 35 years (assuming about 3-3.5% inflation)

    Good luck OP.


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    #42
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    3DataModem wrote: »
    Nice.

    The first number will stay more or less level for 35 years.

    The second number will probably be 10000 in 35 years.

    Good luck OP.

    10,000?? You are predicting that inflation will run at over 7% for 35 years!

    If that is the case you can be sure that that current 900 euro mortgage repayment will not stay at 900 euro for long (assuming a variable rate mortgage), as interest rates are jacked significantly to attempt to combat that inflation rate.


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    #43
    3DataModem
    Registered Users Posts: 3,994 ✭✭✭3DataModem


    spockety wrote: »
    10,000?? You are predicting that inflation will run at over 7% for 35 years!

    No, just about 6.8%.

    In retrospect that was a little high - I'll correct.


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    #44
    billybigunz
    Closed Accounts Posts: 925 ✭✭✭billybigunz


    Well done OP. You will probably lose over 100K but no harm once you are happy.


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    #45
    halkar
    Registered Users Posts: 1,256 ✭✭✭halkar


    Congrats OP. You did not sign for house. You signed for home for you and your family. Love it, cherish it, enjoy it :)


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    #46
    tfitzgerald
    Registered Users Posts: 2,285 ✭✭✭tfitzgerald


    halkar wrote: »
    Congrats OP. You did not sign for house. You signed for home for you and your family. Love it, cherish it, enjoy it :)

    i could not have said it better so i wont


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    #47
    angel01
    Closed Accounts Posts: 7,030 ✭✭✭angel01


    Congratulations :) Hope it all goes well


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