How much is your Mortgage Repayment? (2005)

Imposter

cormie wrote:

The reason I want to buy in Ireland is because I need to be here for the next 4 or so years, I would like to be able to sell my house and make a profit, buy a cheaper and better house in another country and have enough left over to travel the world and do all kinds of things.

Do you really think house prices are going to rise that much in 4 years? Not to even think about interest rates!

Good thing with carpentry is you can work anywhere for a great wage.

Not true. Over here in Austria there are so many eastern europeans who will do any type of manual work so much cheaper than any of the locals will. You may get a job as a qualifeid carpenter but you won't be as well paid as in Ireland at the moment. Things are also going the same way in other parts of europe.

ambro25

Right, I'll try to explain & be brief:

Instead of having 1 mortgage + 1 current acc + 1 savings accounts + 1 loan, you have 1 does-it-all account (savings at mortgage rate not very interesting, I know BUT read on - putting aside the fact that you're borrowing (if you need to) for consumer loan at morgage rate as well)

You live off your VISA all month-long (incl. all phone, gas bills etc.) - then you pay in full at end of month. During that month, interests on your mortgage are calculated every day (pro rata) on: your net mortgaged value MINUS your total savings MINUS your net monthly (say) pay MINUS any cash you get in there occasionally.

Example: at 01/02/05
Mortgage value €100k
Take-home €5k
Savings €10k
Lottery / Boards.ie Forum trade €1k
Interest 5%

So net balance at 01/02/05 is -100+5+10+1 = -84k
Interest at 5% calculated on 84k borrowed, for the month equals (simply here) (0.05x84k)/12 = €350
instead of (0.05x100k)/12 = €416

(and I know that's not how mortgage interests are calculated, btw - I'm just doing this on the back of a fag packet, OK?)

Now, on 01/03/05, net balance = -84k -350 + 5k (pay) -2k (living expenses = VISA bill from 02) = -81350

You've just paid off €2650 off your mortgaged capital in a month, well done.

The beauty of this system is that if you sell your house, the account just goes -81k + 200k = 119k in the green overnight, done, no need to wait for cheque, redeem mortgage or any of that admin crap-o-la.

Now to finish - I think Abbey does that over here, but not sure. I know one bank does it.

ambro25

lomb wrote:

my experiance is that the french are ignorrant pr$%^s, they really are. (). total crooks, and many of his work collegues had the same tried on them from different landlords/agents. they really are pr$%ks not that im racist or anything. they think they are somehow superior when they are definately not. food is cheap though (many restaurants/ loads of competition).

I take offense to that. Seriously.

lomb wrote:

expect to get shafted everywhere u go, i have numerous experiances of that happening there with myself and friends.

and that is truer around Dublin than any place in Europe I've ever been (and I've been to some, m8ey).

cormie

I don't intend to be a regular chippie though. I want to do more artistic/imaginitive work with it. Specialise in certain aspects of it. Target the rich and wealthy. Charge them ridiculous amounts! Haha.

I wouldn't class a nationality in the same boat. It's all to do with the individual at the end of the day. Maybe you're friends just had really bad luck?

Sure isn't food what we live for?

lomb

ambro25 wrote:

I take offense to that. Seriously.



and that is truer around Dublin than any place in Europe I've ever been (and I've been to some, m8ey).

ive never heard of landlords looking to keep the deposit (2 months rent) and then some for basically 1 or 2 dishes that are broken/ missing after 2 years stay have u in dublin?
it goes on in france ALL the time.b warned.
their general attitude sucks. but credit where credit is due the food is great, and the weather is lovely particularly in the south.

ambro25

lomb wrote:

ive never heard of landlords looking to keep the deposit (2 months rent) and then some for basically 1 or 2 dishes that are broken/ missing after 2 years stay have u in dublin?

Well. I never did that when I was renting my property to students - does that make me an exception to the rule, or can I be so presumptious as to sugggest that your mate got shafted because quite a few people in Nice and Paris are like that? This from experience, btw.

lomb wrote:

and the weather is lovely particularly in the south.

The absolute, topmost, ultrabest place for ALL (food, wheather, scenery, people) is Alsace. This again from experience.

parsi

lomb wrote:

ive never heard of landlords looking to keep the deposit (2 months rent) and then some for basically 1 or 2 dishes that are broken/ missing after 2 years stay have u in dublin?

AH .. the Irish landlord - a species held up for approval all around the world...never known to do owt wrong to anyone - in fact there are many documented cases of landlords supplying food from their own tables to poor inoocent country lads and lassies up in the big smoke for the first time who can't afford to eat after paying the 4month-rent-deposit for a tiny smelly bedsit..

lomb

ambro25 wrote:

Well. I never did that when I was renting my property to students - does that make me an exception to the rule, or can I be so presumptious as to sugggest that your mate got shafted because quite a few people in Nice and Paris are like that? This from experience, btw.

another true story is a guy i used to work for went to paris with his wife. he went to the tourist help desk in charles de gaule aipport in paris after disembarking and asked yer man where xyz was and directions to it.

yer man said " monsieur this is france, in france we speak french" and this was at the tourist helpdesk in the airport!

absolute stuck up wa£$kers

lomb

parsi wrote:

AH .. the Irish landlord - a species held up for approval all around the world...never known to do owt wrong to anyone - in fact there are many documented cases of landlords supplying food from their own tables to poor inoocent country lads and lassies up in the big smoke for the first time who can't afford to eat after paying the 4month-rent-deposit for a tiny smelly bedsit..

the irish landlord is a saint compared to french landlords

Dub13

cormie wrote:

Can I ask what kind of income those of you who got it at such a young age were on? How long you were saving up for deposit for and how much disposable income you have per month after bills/food/car insurance etc.

I am not sure what I was on 4 years ago when I took mine out (back in the old days of Irish money ) I have allways been good with money so I was not long saving for the deposit.As for now well my mortgage works out arounf 8,000 a year and I am on about 45k so its not to bad

cormie

Dub13 wrote:

I am not sure what I was on 4 years ago when I took mine out (back in the old days of Irish money ) I have allways been good with money so I was not long saving for the deposit.As for now well my mortgage works out arounf 8,000 a year and I am on about 45k so its not to bad

That's not bad at all!!! Nice for you anyway, but.. why wouldn't you opt to pay say €15K off a year? Surely 30K would do for food/petrol/bills etc? Or... buy another house and pay another 8K a year, rent it out for 1200pm. In effect, you would then be earning 52K a year and have 2 houses at the end of it. Rich get richer,the poor get poorer. Arghh. Can't wait till I'm earning good money (or any money at this stage, damn business ventures :rolleyes: )

Dub13

Well since I moved into the house I have put maybe 30k to 35k into it as it needed alot of work,also in the 4 years I am in the house I have had 2 kids and got married and all these things cost ALOT of money.But now all that is out of the way I am starting to think about buying another house,I would love a place in Florida....and I am not sure buying a second house here would be a good idea now with intrest rates bound to go up and the rental marked going down

MR2GIRLRACER

cormie wrote:

How much is land these days? I could build a one man shack to keep me going for a few years, sell it for €1M or so in a few years, move to France and buy a palace and have enough left over to be comfortable and make wine and play poker in the sun.

Can i come?

A Dub in Glasgo

I am paying £500 (about €730) pm on a 20 year repayment mortgage with 14.5 years left. I think I owe about £60k. House was bought 5 years ago for £80k and is now worth about £165k. It is a 4 bedroom detached house with Garage 7 miles from Glasgow city centre. 5 minute walk to the train station and 16 minutes by train.

The interest rates here are higher than in Ireland and I am on a 4.99% deal until November when it will revert to the SVR of 6.84%. I will go onto another deal then.

bill_ashmount

Paying over €940 a month, although going interest free for the first couple of years so only about €550 per month for the first two years....

yop

Paying 920 per month on a house worth probably 370k.

podgeen

I'm 23, bought a house in limerick last year with a mate. 5 bedroom semi-detached.

Paying about 800e for the mortage (between 2) but paying rent of 400e for a room in dublin. I changed jobs and moved up to dublin a few months ago. Renting some rooms down there so thats covering the mortgage atm but if interest rates go up and the rental market goes to down, i'll be daddied. Its a risk i'm willing to take.

Lola123

Just bought a 2 bed apartment in Dub..off the Navan road. property is worth 290,000 and mortgage works out at about 1100pm with mortgage protection etc adding another 100 on top of that.

dfitz1

Need info on TRS (Tax Relief at Source) to see if I'm eligible. Anybody got any links that would help?

Victor

dfitz1 wrote:

Need info on TRS (Tax Relief at Source) to see if I'm eligible. Anybody got any links that would help?

http://www.oasis.gov.ie/housing/help_with_paying_your_mortgage/mortgage_interest_relief.html

shamalive

Paying 1120 per month on a 4 bed semi just outside Cork.
House is valued at 320.
Mortgage of 266k.
29.5 years left.

GreeBo

paying about €1700 on a place worth ~ €420k in Dublin

positron

Paying 950 + protection and stuff for a four bed semi detached in Drogheda, only 39 years and 11 months to go now...!!

sigh!!!!

homeOwner

GreeBo wrote:

paying about €1700 on a place worth ~ €420k in Dublin

Yikes! That seems like alot of money. I assume that is quite a high percentage of your monthly salary.

zohara

I'm currently residing in the UK, paying £550 a month on a mortgage of £75,000 with 15 yrs to go. I'm looking to buy in Ireland & can tell you that you get a lot more house, with land, for your money over there than you do here!!
We're living in a 3 bed terraced house which is worth £130,000 & we're planning to buy a 3 bed bungalow with a retail outlet & 0.9 acres for the same amount!!
I know house prices have soared & interest rates are variable but you still can't beat bricks & mortar as a long term investment.

Cormie - if you're not planning to stay in Ireland, forget the mortgage, save what you can until you're sure where you want to settle, then buy property. It worked for me!!
Best of luck.

GreeBo

homeOwner wrote:

Yikes! That seems like alot of money. I assume that is quite a high percentage of your monthly salary.

well Im only paying half of it so its not too bad

ShayHT

Just got approved for upto 340K - will be about 1250 a month...... now to find the house!!

JackieChan

ShayT,
Look further in to the future than the discounted rate you have been quoted.
Currently the cheapest mortgage for >200K and LTV>70% is a tracker with ICB. This is 3.1%.
Repayments on 340 would 1455.63/mth(without TRS/insurance)

deisemum

Currently paying €272pm for 4 bed semi and hope to have mortgage paid off by end of next year when SSIA's mature, we have a 11+ years to pay. It's currently worth about 300k, maybe more, bought it 8 years ago for IR£58,500 We're almost finished an extension that includes a playroom, 2nd bathroom and utility room, just decorating at moment then plan on getting the place valued. Hubbie is a carpenter so did most of the work himself and saved a fortune.

ginch

whos buying all these apartments in the newspaper every week

Eg : Gasworks one beds approx 400k

One beds on Cork St !!! - 365k