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The average age of first-time home buyers is going up and up

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    #32
    Peist2007
    Banned (with Prison Access) Posts: 3,257 ✭✭✭Peist2007


    trobbin wrote: »
    A couple I know bought their first home last year. Since they've been broke. All their income is gone each month, they didn't go on holiday last year and won't be this year either, (a group of us have done this every year) they aren't saving either. She's 31 and he's 35, they got a 35 year mortgage. All their savings went on deposit.
    They both work and have no kids, their jobs aren't great and have hardly no prospects of wage increases.

    It's a difficult choice for people these days. I was thinking to my self, will interest rates remain at such low levels for the next 34 years of their mortgage?

    Only thing that will bring property prices in Ireland down is interest rate hikes. Don't know when they'll begin to rise, but anything can happen, so people shouldn't be stretching themselves.

    Sounds like hell. Yet that is what life seems to be about for a lot of people. I have weekly conversations with miserable friends in similar situations who simply cannot get over that i think its all a complete waste of money and your life


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    #33
    Blue Whale
    Closed Accounts Posts: 167 ✭✭Blue Whale


    snickerpuss wrote: »
    My big concern is if I'm not going to be able to buy a house until 34/35 then is it getting late to start trying for a family? If I had children but no mortgage how would I save €50,000-60,000 for a deposit while paying childcare and the highest rents since 2007?

    Don't worry if you don't have kids, not as if the world is short of people ;)
    snickerpuss wrote: »
    The 'funny' part is the rent we're paying now would be similar or lower than a mortgage repayment. The deposit is the obstacle.

    This does seem a bit unfair but cest la vie.
    snickerpuss wrote: »
    This is all well and good if you're now in your early 20s but for someone who graduated in 2008 into the recession it hasn't been easy getting a career started

    Your not alone, join the club, how many emigrated and have not come back?
    Peist2007 wrote: »
    Sounds like hell. Yet that is what life seems to be about for a lot of people. I have weekly conversations with miserable friends in similar situations who simply cannot get over that i think its all a complete waste of money and your life

    What is the alternative?


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    #34
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    trobbin wrote: »
    A couple I know bought their first home last year. Since they've been broke. All their income is gone each month, they didn't go on holiday last year and won't be this year either, (a group of us have done this every year) they aren't saving either. She's 31 and he's 35, they got a 35 year mortgage. All their savings went on deposit.
    They both work and have no kids, their jobs aren't great and have hardly no prospects of wage increases.

    It's a difficult choice for people these days. I was thinking to my self, will interest rates remain at such low levels for the next 34 years of their mortgage?

    Only thing that will bring property prices in Ireland down is interest rate hikes. Don't know when they'll begin to rise, but anything can happen, so people shouldn't be stretching themselves.

    If you fix rates won't affect you , if rates go up and prices come down , repayments will be the same


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    #35
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    ted1 wrote: »
    If you fix rates won't affect you , if rates go up and prices come down , repayments will be the same

    Rates can only be fixed for a period of the loan at a time. They would not be fixed for 35 years and if they were they would be even more expensive. Somebody with a big mortgage should get a part-time job and bring down the loan.


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    #36
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    4ensic15 wrote: »
    Rates can only be fixed for a period of the loan at a time. They would not be fixed for 35 years and if they were they would be even more expensive. Somebody with a big mortgage should get a part-time job and bring down the loan.

    Someone with a big mortgage will have a full time job, you want them to get a part time job aswell. Bear in mind that they'll be paying 52% Tax, so what kind of part time job do you think they should get that would make it worth their while and fur around a full time job.


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    #37
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    ted1 wrote: »
    Someone with a big mortgage will have a full time job, you want them to get a part time job aswell. Bear in mind that they'll be paying 52% Tax, so what kind of part time job do you think they should get that would make it worth their while and fur around a full time job.

    If they are so broke they should take any job to bring down their loan. If they are too lazy to work then they do not deserve any sympathy.


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    #38
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    4ensic15 wrote: »
    If they are so broke they should take any job to bring down their loan. If they are too lazy to work then they do not deserve any sympathy.

    How is it laziness only working one full time job which may have long hours? How do you expect people to get by with little or no down time. All that will happen is they will burn out a probably not be able to work either job.


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    #39
    Peist2007
    Banned (with Prison Access) Posts: 3,257 ✭✭✭Peist2007


    Blue Whale wrote: »



    What is the alternative?

    Not signing up to 30-35 years of drudgery in an overpriced shell. I saw a tv show the other day where a British couple bought a castle in France for 300k. What would 300k get you in Dublin? There are always alternatives.


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    #40
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    4ensic15 wrote: »
    If they are so broke they should take any job to bring down their loan. If they are too lazy to work then they do not deserve any sympathy.

    Why would someone who works hard 40 hours a week, spend additional time away from there family to earn about a few euros an hour?

    I dint think you understand the term lazy


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    #41
    FishOnABike
    Registered Users Posts: 4,474 ✭✭✭FishOnABike


    4ensic15 wrote: »
    If they are so broke they should take any job to bring down their loan. If they are too lazy to work then they do not deserve any sympathy.
    ted1 wrote: »
    Why would someone who works hard 40 hours a week, spend additional time away from there family to earn about a few euros an hour?
    I dint think you understand the term lazy

    I couldn't see it helping a relationship either. Two people married to each other might actually want to spend time together.

    Any saving in paying down a mortgage early by working a second job could easily be wiped out by the cost of a divorce.

    Take care of the most important things in life first - the people close to you.


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    #42
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Can we move on from this line of discussion please


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    #43
    Parchment
    Closed Accounts Posts: 2,203 ✭✭✭Parchment


    trobbin wrote: »
    A couple I know bought their first home last year. Since they've been broke. All their income is gone each month, they didn't go on holiday last year and won't be this year either, (a group of us have done this every year) they aren't saving either. She's 31 and he's 35, they got a 35 year mortgage. All their savings went on deposit.
    They both work and have no kids, their jobs aren't great and have hardly no prospects of wage increases.

    It's a difficult choice for people these days. I was thinking to my self, will interest rates remain at such low levels for the next 34 years of their mortgage?

    Only thing that will bring property prices in Ireland down is interest rate hikes. Don't know when they'll begin to rise, but anything can happen, so people shouldn't be stretching themselves.

    Im confused - they are broke?

    The bank would not give them a loan that was going to leave them paying repayments that left them broke.


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