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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…

Comments

#32 29-07-2010 12:32PM

pooch90

Registered Users, Registered Users 2 Posts: 2,437 ✭✭✭

Join Date: August 2007

Posts: 2376

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.

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