31 yr old looking for Mortgage advice & contemplating move down the country

Goblin_Shark

Registered User
Messages
4
Age: 31

Spouse’s age: n/a


My Income: 60,000

Spouse's income: n/a


Take-home pay: Approx €3,400


Type of employment – Private sector


Spending or Saving?


A saver definitely. I don’t budget but save a set amount each month. I save on average €1,000 a month. Rent is €1,200. I just recently got a pay increase so planning on putting €200 – €300 into the emergency fund on top of this. This will vary depending on the month.


Value of home: n/a

Amount outstanding on your mortgage: n/a

What interest rate are you paying? n/a


Other borrowings – n/a


Do you pay off your full credit card balance each month? No credit card



Savings and investments:

€91,000 in credit union
€11,000 in post office
€1,000 in emergency fund with bank (planning on building this up gradually over the year)

Do you have a pension scheme?

Yes, between employer and myself 14% going into this each month. About €8,000 in current pension scheme, €34,000 in pension with former employer


Do you own any investment or other property?

No.


Ages of children:

None


Life insurance:


Work pay for death-in-service policy (2 x income) I have no dependents (and no plans to have any) so not overly fussed about this



What specific question do you have or what issues are of concern to you?

I am thinking of getting a mortgage of €150 – €200k for a self-build but absolutely clueless in relation to the whole mortgage process. Specifically to go for fixed or variable rates, shorter or longer terms. I am not building in the county I will be working in (although I can work from home two / three days a week) and have emailed my bank asking if this is would be a problem. I haven’t looked into how much the build would cost, but I know my sister spend around €260k on their house, so believe the mortgage and deposit would be covered. Any thoughts or advice would be much appreciated.
 
Are you building just because you got a free site at home. It's not always a good idea and you can feel trapped If things go pair shaped. If you are a single man or woman I would buy something near my work and all ammenitts preferably a nice semi d in the outskirts of a nice town and live there for a while you can rent a room if you wish and leave the idea of the Big house in the country for a while. You are in a good position with a good salary and a good deposit well done on that.
 
Specifically to go for fixed or variable rates, shorter or longer terms. I am not building in the county I will be working in (although I can work from home two / three days a week) and have emailed my bank asking if this is would be a problem. I haven’t looked into how much the build would cost, but I know my sister spend around €260k on their house, so believe the mortgage and deposit would be covered. Any thoughts or advice would be much appreciated.

Longer term is better. It's a lot easier to shorten the term if circumstances change.

Fixed vs. variable is a gamble on interest rate changes. Impossible to predict. If you're after security then fixed rates are a better bet. In my opinion.

The most important thing about housing is location. GalwayPat is right. Do not build just because you have a free / cheap site.

Also - it's very difficult to get tradesmen. Be sure to factor that into any decision to build.
 
Are you building just because you got a free site at home. It's not always a good idea and you can feel trapped If things go pair shaped. If you are a single man or woman I would buy something near my work and all ammenitts preferably a nice semi d in the outskirts of a nice town and live there for a while you can rent a room if you wish and leave the idea of the Big house in the country for a while. You are in a good position with a good salary and a good deposit well done on that.

Thanks for the reply, and that is a fair point about the free site. I have been looking at houses in the area I am from for the last two years. If I found a house I liked at home and that I could afford, that would be an option. Ultimately I do feel like Dublin isn't my home, and was never a 'forever' option.
 
I have the option of working from home, so would only be one / two days a week commuting as needs be. I know other people doing this, not in my department so I would need approval from the powers that be.

In a year or two I would hope to find something closer to home (would still have a commute) This would most likely be a drop in salary, but would hope to get something for 40k.

Anyone think it's a good idea (apart from me!) :)
 
I have the option of working from home, so would only be one / two days a week commuting as needs be. I know other people doing this, not in my department so I would need approval from the powers that be.

In a year or two I would hope to find something closer to home (would still have a commute) This would most likely be a drop in salary, but would hope to get something for 40k.

Anyone think it's a good idea (apart from me!) :)

Depends on your industry. Economy wise, Dublin is where it's at.
All public policy is geared that way and that's showing little sign of stopping any time soon.
 
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