If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

How much more of a price drop can I realistically expect here....

Essien · 2010-07-27 14:38:58

Myself and the girlfriend are currently in an excellent position with regards to buying a house. Both early 20's, both in full time employment, both jobs relatively secure, we also have managed to save up a reasonable chunk of cash for a deposit. We have our eyes on one of around 10 remaining houses in a development of 54…

Options

Comments

Options
#32 29-07-2010 12:32pm
pooch90

Registered Users Posts: 2,380 ✭✭✭

Join Date: August 2007

Posts: 2323

I'd go to the bank first and discuss a mortgage with them to see what you can get and at what rate.

I'd offer about 130-140 as with your desposit, this leaves you in a position to borrow little over 100k(assuming you can get that amount as who knows these days) , which is manageable even on one income, allowing you to have kids without being pushed to the wire. Also you would have a higher deposit to loan ratio and so should be in a position to get a tracker mortgage, making the house cheaper to pay for.

Just do your maths and ask the bank what the effect of a 2-3% interest increase would be to make sure you can afford it.

You have two choices - sit back and wait for the prices to drop or try and force the issue with the developer. I'd have a pop if I were in your position.

0