Not true - I know two people who've remortgaged their apartments within 12 months of purchase to buy new cars. They didn't use car loans, they used 'equity extractions'. They're both FTB's on average salaries.
Some deluded nonsense posted here. A bank won't let you remortgage your house to buy a car or pay for foreign holidays unless you've taken a significant chunk out of the mortgage (ie, you're middle-aged and earning more than average). If you want a new car, then you take out a car loan from the bank and that's assuming you're managing your mortgage payments. Your credit rating is constantly updated and monitored, if things start getting out of control, it's not long before alarm bells go off and the credit tap is stopped.
Your credit rating is constantly updated and monitored, if things start getting out of control, it's not long before alarm bells go off and the credit tap is stopped.
everyone here is looking at it from a mortage-interest rate perspective.
what about the flip side of earnings.
i know of carpenters, bricklayers, electricians who take home over 2k a week in cash, after tax, and then have aprox 1k a month in nixers...
things won't be like that for ever....but do they realise this?
There is no such thing as credit rating in Ireland - the Irish Credit Bureau records debts and repayment performance but it is not actively managed.
Sarah
www.rea.ie
They are the guys with all the investment properties.
Everyone knows someone in the same position. I seem to be surrounded by them but Babytooth is right, it won't last forever. The only thing is they don't seem to understand that because the majority of them weren't around for the last construction famine, they just don't see a day when they have no job to go to. I once tried to explain to a friend of mine that its risky business working in a trade while owning 3 houses rented out to immigrants working in other trades. If things go bust then you have no job and 3 unrented houses to pay for. I told him it may never come to that but its over exposure none the same. He looked at me like I had 2 heads and told me to lighten up!!!
Is €60k gross income or net income?"How is everybody else surviving? "
Joint income: €60k/year
2 kids
no mortgage, but living in a small apartment in a good-ish area in Dublin
creche fees: €1500/month
have one, loan-free car, which we bought new a few years ago
kids benefits/allowances go to savings
only one of us has pension
€20k savings
no credit card, loans r borrowings
rarely go out, 1 budget holiday a year, with second child, no hope for moving into a house or saving
both of us are teachers
This is how we are surviving the 'celtic tiger'.
I'm referring to the ICB. What exactly do you mean by the debt and repayment performance being 'not actively managed'? If a person even defaults in a car loan or can't even pay their telephone bills, this sort of information is recorded by the ICB. If people are living beyond their means, then it's only a matter of time before their ICB record is tarnished and a bank will refuse to touch them with a ten foot pole.There is no such thing as credit rating in Ireland - the Irish Credit Bureau records debts and repayment performance but it is not actively managed.
Sarah
www.rea.ie
You must have about €900/week after tax and these expenses. what about people that have only €44k gross joint income? I know of married couples with a single income of €15-€20k gross and they have to manage with that amount no holidays no nights out no savings or no pensions, what are you complaining about? I was not referring to you willesden it is fly I am referring to.we sound a bit similar Willesden....
Joint income: €90k gross
2 kids
Mortgage repayments monthly: €1,150
Childcare monthly: €900
Car loan monthly: €300
nights out: once a week (on the cheap!)
holidays (one or two ..again on the cheap)
Savings: childrens allowances only (approx €8k at the moment)
Pensions: we both have
Investments: none
cash to spare at the end of each month: none
We're managing but there isn't much room for error.
You must have about €900/week after tax and these expenses. what about people that have only €44k gross joint income? I know of married couples with a single income of €15-€20k gross and they have to manage with that amount no holidays no nights out no savings or no pensions, what are you complaining about?
With 60K gross/year joint, I was not complaining, simply stating the fact. Anyway, after myself & DH studying our arses off for 8 years at university, looking for better paid jobs with no result in the past 3-4 years, I may even have the priviledge to complain, don't you think?
.. after myself & DH studying our arses off for 8 years at university, looking for better paid jobs with no result in the past 3-4 years, I may even have the priviledge to complain, don't you think?
how do researchers fare, or perhaps bio-technicians, or anyone of the driving industries for the future.
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