Need some help as friends/family are clueless about money/mortgage matters!!
Age: 25
Spouse’s/Partner's age: 26
Annual gross income from employment or profession: €44,000
Annual gross income of partner: c €25,000
Type of employment: Public sector
In general are you:
(a) spending more than you earn - no trouble controlling spending or the minute anyway
(b) saving? - save €400 pm since Nov last year
Rough estimate of value of home- do not own a house
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Currently renting at 700 pm between two of us.
Other borrowings – car loans/personal loans: €200 pm on a small car loan - will be fully paid in June '10.
Do you pay off your full credit card balance each month? No, but used interest free overdraft (Graduate account - legend) to pay it off in full this week - thought that was sensible but we'll see...
If not, what is the balance on your credit card? 0
Savings and investments: €4000 - in AIB Online savings a/c - not really happy with interest rate...
Do you have a pension scheme? Yes - a work thing - i have no idea how much I'm paying/have paid.
Do you own any investment or other property? No.
Ages of children: None
Life insurance: None
Additional Info: Even though I'm including some partner info, I will be buying independently. However they will be paying rent when living with me.
What specific question do you have or what issues are of concern to you?
Basically, I feel I am in a good position to buy at the moment. I have a secure job, decent (enough) wage and no dependants. However, I intend going back to college next year (Sep '10). I would not be giving up my current job to do this, but would take advantage of a career break, meaning I can keep my position and return after a few years in case the career change doesn;t work out! My college course would last a minimum of 3 years and would involve moving away from home.
Am i ridiculous to consider buying a house at the moment? I am looking at a property that would cost c 170,000 (mortgage of 145,000 - would have to borrow most of the deposit). If I lived there for the next year, I would save money on my own rent, and would let it for the time I am away at college. If the future rent were to cover at least some of the mortgage, I don't see why I shouldn't buy. The last thing I want, however, is to be tied down to paying a mortgage and thus unable to continue study and/or travel. I essentially want to have my cake and eat it. Is there any way I can make this work? I am really excited about returning to college, but if that doesn't work, I can always return to my job.
Nobody in my family is in anyway knowledgeable about mortgages and investments. I'd really appreciate any advice at all so I can put this idea to rest for good!! Thanks
Age: 25
Spouse’s/Partner's age: 26
Annual gross income from employment or profession: €44,000
Annual gross income of partner: c €25,000
Type of employment: Public sector
In general are you:
(a) spending more than you earn - no trouble controlling spending or the minute anyway
(b) saving? - save €400 pm since Nov last year
Rough estimate of value of home- do not own a house
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Currently renting at 700 pm between two of us.
Other borrowings – car loans/personal loans: €200 pm on a small car loan - will be fully paid in June '10.
Do you pay off your full credit card balance each month? No, but used interest free overdraft (Graduate account - legend) to pay it off in full this week - thought that was sensible but we'll see...
If not, what is the balance on your credit card? 0
Savings and investments: €4000 - in AIB Online savings a/c - not really happy with interest rate...
Do you have a pension scheme? Yes - a work thing - i have no idea how much I'm paying/have paid.
Do you own any investment or other property? No.
Ages of children: None
Life insurance: None
Additional Info: Even though I'm including some partner info, I will be buying independently. However they will be paying rent when living with me.
What specific question do you have or what issues are of concern to you?
Basically, I feel I am in a good position to buy at the moment. I have a secure job, decent (enough) wage and no dependants. However, I intend going back to college next year (Sep '10). I would not be giving up my current job to do this, but would take advantage of a career break, meaning I can keep my position and return after a few years in case the career change doesn;t work out! My college course would last a minimum of 3 years and would involve moving away from home.
Am i ridiculous to consider buying a house at the moment? I am looking at a property that would cost c 170,000 (mortgage of 145,000 - would have to borrow most of the deposit). If I lived there for the next year, I would save money on my own rent, and would let it for the time I am away at college. If the future rent were to cover at least some of the mortgage, I don't see why I shouldn't buy. The last thing I want, however, is to be tied down to paying a mortgage and thus unable to continue study and/or travel. I essentially want to have my cake and eat it. Is there any way I can make this work? I am really excited about returning to college, but if that doesn't work, I can always return to my job.
Nobody in my family is in anyway knowledgeable about mortgages and investments. I'd really appreciate any advice at all so I can put this idea to rest for good!! Thanks