Sure:I would think to get a answer to this you'd need to supply more info like how much you earn, take home pay and how much the mortgage is for and the rate you've applied for??
Then just pay it down more quickly as available.I personally wouldn't want a 30yr mortgage, too much interest paid.
This helps, thanks a lot
See table 1, the mean loan size is 200k outside Dublin, 300k in Dublin.
The typical original LTV is 80% for FTBs.
Mean incomes for FTB are:
Dublin = 93k
Non-Dublin = 70k
Agreed but we want to be flexible but aim to pay it off ASAP. One room will be rented out for 550e pm so it should help, i am just a bit cautious after witnessing the last crash.For somebody on 86k, 875 pm is fine.
I personally wouldn't want a 30yr mortgage, too much interest paid.
You've a very decent deposit. You have an excellent mortgage rate. (7 year fixed I presume)This helps, thanks a lot
Agreed but we want to be flexible but aim to pay it off ASAP. One room will be rented out for 550e pm so it should help, i am just a bit cautious after witnessing the last crash.
I personally wouldn't want a 30yr mortgage, too much interest paid.
Are those mean incomes per couple or per person? They seem huge salaries for first time buyers?
See table 1, the mean loan size is 200k outside Dublin, 300k in Dublin.
The typical original LTV is 80% for FTBs.
Mean incomes for FTB are:
Dublin = 93k
Non-Dublin = 70k
Fair enough, as long as borrowers are disciplined enough to overpay, to prevent paying too much interest.This is just not the way to look at it.
1) You should take out a mortgage for as long a term as possible and then decide yourself over what term to pay it off.
Brendan
Are those mean incomes per couple or per person? They seem huge salaries for first time buyers?
Thank you for the reassuring words. I am going for it and will try pay off as much as possible after fixed term is up for now it is 10% per year. I guess family history of being burned has me cautious but i do realize the deposit is generating zero income plus i will need to buy sooner rather than later.You've a very decent deposit. You have an excellent mortgage rate. (7 year fixed I presume)
You will have extra tax free income with rent a room.
You have nothing to worry about.
Building costs and real income has grown substantially since the crash, so in real terms prices are not overly excessive and substantially below the "affordability" levels of 2007
I think you are over concerning the issue regarding the amount of interest to be paid over the term of the mortgage. Monthly repayments are less punitive as the years go by as mortgage holders salaries generally increase and inflation lessens the impact especially if there is a significant fixed interest period. Right now when someone needs more money for other priorities and they are younger, a longer term mortgage is an attractive option. I'm halfway through a 35 year mortgage. It used to eat up 33% of my take home pay but now takes up less than 15%. I'm glad I stretched it out even if it meant more interest overall as it meant I had more disposable income during the times I needed it more when I was younger and on a lower salary. I'm now in a good position to overpay to reduce the interest whereas 10 or 15 years ago I wasn't.Fair enough, as long as borrowers are disciplined enough to overpay, to prevent paying too much interest.
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