Mortgage on a €25k salary

Oops sorry I neglected this after bumping it!

I did get a salary raise, nothing huge
Current €31,000

Some (inconsistent and now non existent) bonuses certainly helped along with lots of overtime.

I look back and wonder if I should have taken the plunge much much sooner, when I had say 10% deposit etc

It's hard to tell! At the moment, I believe I'm saving at a rate higher than house prices can go up by but it's time to start proactively looking for a home (I think!), my money is making no money for a long time now (It's sitting in the local credit union!)

Living at home has enabled me to save 90% of my wages.

I spend the money I get from overtime on social, Netflix/Spotify etc

I haven't taken any expensive trips in the past 3 or 4 years, some nice inexpensive Europeans city breaks.

I'm now 30, it's time to move out!
Hopefully in the next 6-12 months.
 
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Does this mean a two bed has gone from 100k to 200k? From 2013 to 2014.

What rent would that achieve in the area he mentioned.

Great effort on the savings.
 
Reactions: icb
Thanks Bronte I value your opinion and enjoy your posts!


Back 3/4 years ago when I started this thread there was a lot of €90k to €125k 2 bed options

Dunboyne castle
Summerseat Clonee
Ard Cluain Clonee

Typical rent now seems to be €1,400-€1,550 for a 2 bed

My intention is still a 2 bed and renting out the second room bearing rent a room relief in mind.

I think I need to go chat with a mortgage advisor in the bank.

I love the idea of waiting to hit the €100k deposit mark and really minimise the mortgage monthly repayment/term but I think that's a little to ideal!

I need to do some serious thinking re ratio of deposit/mortgage, it would be foolish to consider spending my rainy day fund/unexpected life expenses fund etc!
 
Old old bump

10 years from my original post

But I’ve enjoyed being able to look back on the post and the feedback / responses from some now veteran/very consistent reliable responders

—

Things are very different now in every respect, good and bad!

Finally bought in D15, moved in this month.

A2 rating
Perfect size for me, sub 100m2
A little over 400k
Mortgage 700p/m thanks to good salary/bonus progression

Thanks again to all responders and @Brendan Burgess

Enjoy and make good use of many of the key posts etc!
 
Congratulations, reading this thread what I see most is your determination to save and buy a property. Going from credit card debt to significant savings is not easy and you did very well. I hope you enjoy your apartment.
 
Reactions: icb
@icb

Good to hear you have made progress and thanks for coming back to us with an update.

It does encourage people to continue posting when they get nice feedback.

Brendan
 
Overall this thread makes me a bit sad.

Someone who is in their mid-20s with a career trajectory is a good credit risk and it's a shame the rules (both from banks and then the Central Bank) prevented the OP from getting their own place earlier.

No one wants a repeat of the 2004-2008 madness but the pendulum has probably swung too far in the other direction.
 
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