Hi all,
It is my first time posting so in advance I would like to thank you all for any advise.
Just a brief summary of my current life/financial details.
I was lucky enough when I left college after 6 years that I landed myself a pretty good job in the engineering world (15 months ago). I'm 26 and from Cork. I started working in Doha, Qatar (Tax free) for around 32k/year. I have now got myself a position in a pretty remote place in the world also tax free on 43k. I have saved 20k in my first 15 months and I plan on saving 30k in the next year (fingers crossed). I have put 7k so far into 2 BOI savings accounts and I am waiting for the exchange rate to go my way and I will send the remaining money in the Qatar bank home to the green isle.
So here is my query, I was thinking in a year of buying a house for aroung 150-200k in around the Douglas area in Cork. If I do this I would like to have the mortgage paid off in around 6-8 years to avoid paying the banks massive amounts of interest. My sister is currently renting with one of her friends and will be for the forseen future so I can give her my place at a good rate and having family staying there will be convenient.
1. If I pump my own cash along with some of the rent into the mortgage it should be paid off in a pretty short time frame. The rent itself will cover the interest and if I put a bit aside monthly I will cover maintanance etc.
2. Should I hang on and wait untill I have the cash in hand to buy the house outright and take the risk that the housing market will not start to rise again.
Any advice will be greatly appreciated.
Kind Regards,
Allenk
It is my first time posting so in advance I would like to thank you all for any advise.
Just a brief summary of my current life/financial details.
I was lucky enough when I left college after 6 years that I landed myself a pretty good job in the engineering world (15 months ago). I'm 26 and from Cork. I started working in Doha, Qatar (Tax free) for around 32k/year. I have now got myself a position in a pretty remote place in the world also tax free on 43k. I have saved 20k in my first 15 months and I plan on saving 30k in the next year (fingers crossed). I have put 7k so far into 2 BOI savings accounts and I am waiting for the exchange rate to go my way and I will send the remaining money in the Qatar bank home to the green isle.
So here is my query, I was thinking in a year of buying a house for aroung 150-200k in around the Douglas area in Cork. If I do this I would like to have the mortgage paid off in around 6-8 years to avoid paying the banks massive amounts of interest. My sister is currently renting with one of her friends and will be for the forseen future so I can give her my place at a good rate and having family staying there will be convenient.
1. If I pump my own cash along with some of the rent into the mortgage it should be paid off in a pretty short time frame. The rent itself will cover the interest and if I put a bit aside monthly I will cover maintanance etc.
2. Should I hang on and wait untill I have the cash in hand to buy the house outright and take the risk that the housing market will not start to rise again.
Any advice will be greatly appreciated.
Kind Regards,
Allenk