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Mortgage. How much to borrow.

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    #122
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    from_atozinc wrote: »
    As of now, November 2016, who is the most competitive lending institution in Ireland?

    it depends as not all mortgages / buyers etc... are the same.
    What's great for you may be wrong for another.

    check here:

    http://www.bonkers.ie/compare-mortgages/


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    #123
    Q&A
    Registered Users Posts: 556 ✭✭✭Q&A


    listermint wrote: »
    on the flip side they could be mortgage free now, and 180,000 (min) savings @1500 pm for 5 years....

    ?

    €1500 × 12 x 5 ≠ €180,000

    More like €90k


    We can of course knock numbers around all day long. Question is OP how risk averse are you?

    The cheapest option is to avoid borrowing but if you place value on having a sum of money at hand should you need it, you might consider leaving some money aside. E.g., the roof leaks, the car needs replacing etc. Think of it like an insurance policy.

    My example was somewhere on the cautious side. A number that gets banded about is having 6 months salary of a buffer. The op needs to pick the level of their rainy-day fund and go from there.

    It's a personal choice that only the op can decide.


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    #124
    listermint
    Registered Users Posts: 33,972 ✭✭✭✭listermint


    Q&A wrote: »
    ?

    €1500 × 12 x 5 ≠ €180,000

    More like €90k


    We can of course knock numbers around all day long. Question is OP how risk averse are you?

    The cheapest option is to avoid borrowing but if you place value on having a sum of money at hand should you need it, you might consider leaving some money aside. E.g., the roof leaks, the car needs replacing etc. Think of it like an insurance policy.

    My example was somewhere on the cautious side. A number that gets banded about is having 6 months salary of a buffer. The op needs to pick the level of their rainy-day fund and go from there.

    It's a personal choice that only the op can decide.

    My bad in my head I was doing 10 years


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