Defer or not?

Bank of Ireland have indicated that they'd look favourably at approving me for a mortgage. However, all the indications are (especially from the advice I got here) that now isn't a good time to buy.

I have a permanent pensionable job (at least I hope I still do!) in Dublin. I'm aged fifty now; if I decided not to draw down the mortgage, would I be at a disadvantage as regards age if I re-applied in a couple of years' time?

The disadvantage is that they will only give you a loan with a repayment term up to your retirement age .... less of a term - more cost per month to you.

That's very true Paddy but I'm hoping that prices will also have fallen considerably by then. Mind you, with today's government cutbacks, there mightn't be any money left in the country!

I don't know who advised you that now isn't a good time to buy, but surely that's dependant on location, requirements, etc, etc? I bought last year and even with the 4 year plan I'm not seeing a downside. It's not a binary equation.

I attended a financial planning seminar at work yesterday and one of the speakers there reckoned that there's going to be a drop of at least another 20% in prices. He said I should wait as houses in Dublin were still way over-priced, even in comparison with London. But then, there's always someone saying that things are going to be cheaper next year.

One of my colleagues—a married man in his thirties, with one child—said renting is definitely the way to go. However, he's a real harbinger of doom!

One poster here said I'd be 'mad' and 'insane' to even consider buying at the moment. There seem to be as many opinions as there are stars in the sky.

As far as location goes, places within easy reach of the city definitely seem to be coming down in price. I don't really want to be a commuter, so something not too far out of the way would be better.

I would be paying almost half my income in mortgage repayments each month and the deposit and other costs would eliminate my savings completely.

I'm new at all this and find it all very confusing!

pingin said:

I would be paying almost half my income in mortgage repayments each month and the deposit and other costs would eliminate my savings completely.

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This website does not allow speculation on future house price trends.

I would think that the above comment should be setting your alarm bells ringing.

Sybil