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

G

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.
 

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.
 

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!)
 

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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