Average monthly mortgage repayments

Michael D Not Higgins

Caliden wrote: »

2 people earning 50k each will have 11k more disposable income that 1 person earning 100k.

The other poster would have to earn ~122k gross salary to be equal.

That ignores that they have another person to support as well. The banks usually take about 1k per person as living costs, so that's 12k wiped off that 11k 'extra'.

Nonetheless, that's not usually the limiting factor at those salary levels. Assuming both have 100k income, the allowable mortgage is 350k, so just under 390k with 10% deposit. Both would meet the generic underwriting conditions (e.g. enough income to cover living costs plus mortgage, mortgage no more than 40% of income).

What the other poster said though was that he's on 60k and closer to 6 figures with overtime. That overtime is not a guarantee and the banks may only consider a portion of it (or none of it). That could be a mortgage of only 210k, plus 10% deposit for ~235k.

Of course, looking for a place in Dublin at 390k and a place at 235k are worlds apart.

fret_wimp2

Michael D Not Higgins wrote: »

That ignores that they have another person to support as well. The banks usually take about 1k per person as living costs, so that's 12k wiped off that 11k 'extra'.

Nonetheless, that's not usually the limiting factor at those salary levels. Assuming both have 100k income, the allowable mortgage is 350k, so just under 390k with 10% deposit. Both would meet the generic underwriting conditions (e.g. enough income to cover living costs plus mortgage, mortgage no more than 40% of income).

What the other poster said though was that he's on 60k and closer to 6 figures with overtime. That overtime is not a guarantee and the banks may only consider a portion of it (or none of it). That could be a mortgage of only 210k, plus 10% deposit for ~235k.

Of course, looking for a place in Dublin at 390k and a place at 235k are worlds apart.

Based on data from one of the housing websites, and the PPR:

Property Available in Dublin based on Asking Price <=235k :
Total: 499 properties roughly,
> 1 bedroom: 381

When comparing housing site asking prices with sale prices (inc vat) from PPR for last 3 months, it averages out that Dublin selling prices are actually about 6.5% less than asking, but of course this will vary from area to area and even street to street.

If we correct the asking prices on the property website for this the number of available properties increases to:
Total: 645
> 1 Bedroom: 512


Lots of options there. Digging deeper shows the vast majority have uneven post codes, or just are not in D6,8,16 & 18. There is housing there, just not where people want it.

Captain Flaps

Dread Pirate Roberts wrote: »

I am surprised by the atmosphere to be honest. There seems to be this penance you have to go through in order to "deserve" a house.
If you admitted you had the odd pint or bought some Adidas they would be telling you that you didn't work or save hard enough.
Another poster even suggested "you are too picky" without even knowing my preferred criteria.
Of course one should be picky - its the biggest purchase i'll ever make! And i'll have to live in it for a long time and pay it off probably until I retire at 67.
Just because one in my price range is in Cavan doesn't mean i should commute from up there.

All I am saying is as a society we are all fighting among ourselves.
I understand that there should be prudence and due process before giving a mortgage but these prices are making me wonder if the juice is worth the squeeze.

That's all well and good, the only point I was making was that my partner and I have a combined salary in the ballpark of yours and we've found a ton of fantastic properties, the 'too picky' comment was a response to you claiming there was nothing around you'd consider. I don't know your criteria and you may well have needs I haven't considered, and I'm not intending to have a go at you at all, I was simply pointing out that I thought your doom and gloom attitude was a bit misguided.

Mr.H

We bought a house for 150k last year. Mortgage over 35 years means we pay approx 560 a month. Considering our rent was 850 it's great. We are happy paying a low rate for longer as we have spare cash to actually enjoy ourselves. Realistically we could pay more and have it paid in 2/3rds of he time but the way we see it, we would have being paying rent anyway.