Nearly time to step up onto property ladder

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i don't want to seem brash but you said 'unimpressive salaries' and 'D14-16' as well as 'don't want an apartment' all in a few sentences?

do some research, go to myhome.ie or daft.ie and check out property prices for a house you would be willing to live in, multiply that by 92% and see what the mortgage is, then what the cost would be to service that loan, go to some online mortgage calculators and put in your wages and see what you would qualify for.

wanting a home is a reasonable and normal goal in most peoples lives, but one that should also be within realistic expectations and as prices go your target area may be out of reach.
 
i am with you Treehouse. there are a hell of a lot of people in ireland and the UK who are going to experience extremely hard times ahead. too many people have chosen to live way beyond their means like they are on a premier league footballers salary and then they look to lay the blame somewhere ie. the bank was offering it so i took it ! high spec cars (his and hers) on HP loans that people are not able to pay now, mortgaged to the hilt and no work in the pipeline. i know some trades in the midlands have had very little work since Christmas especially the plasterers, brickies, ground workers and general labourers.
nobody likes to hear this stuff but i am afraid its time people got a grip on reality. the celtic tiger has well and truly left for the foreseeable future! and maybe that will be no harm for a period of time.
 
Treehouse said:
The facts:

1. We are at the start of a house-price crash, perhaps one of very large proportions
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Well according to Sherry Fitzgerald's recent , it started a good while ago, and in fact, we're now at a period of "advanced price correction".
 
well said treehouse. If the OP can get over the shock of confronting reality they'll realise how lucky they are. A lot of similarly naive people are now saddled with 40 year mortgages and negative equity.
I like sherry fitz's take on it though, it bodes well that prices are 25% down in real terms over two years!!!
 
extopia said:
If they saw it as just a "rung" on the mystical property "ladder".
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Suppose. I Don't really have any sympathy for anyone who would take out such a serious loan on something they actually "hate". If it was a case of aspiring to something better in time and taking out a long mortgage on a house which isn't the 'dream home' then ok, but something one "hates" is silly IMO. Aside, I sincerely hope this 'negative equity' mantra doesn't catch on. It is irrelevant to most people unless they wish to sell up.
 
murphaph said:
Aside, I sincerely hope this 'negative equity' mantra doesn't catch on. It is irrelevant to most people unless they wish to sell up.
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Oh, I don't know. What about the people who've been using their house as a giant ATM with equity "release" loans?
 
Are you aware of the rent a room scheme where you can rent a room out in your current property (assuming you have a spare room) you can rent a room for up to 10K per annum tax free. If you do this on a regular basis, it qualifies as income so is taken into account as income when applying for a mortgage. This would have to show on a regular basis on your bank statement. I learned about this through a friend
www.citizensinformation.ie/categories/housing/buying-a-home/owning-a-home/rent_a_room_scheme
 
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