Getting a mortgage on my own? Am I crazy!

T

tartlet

Guest
I am on the affordable housing list and the council have contacted me to get approval in principle.

I would be looking at a mortgage of about 142k, through the AFH scheme, the houses are 150k and looking on daft.ie they are going for 200/210k, and as mentioned in the title, I would be doing this on my own (if it makes a difference to opinions, Im 30 years old and single)

The mortgage term would be either 30 or 35 years.

Am I crazy to be even thinking about this, or would I be better renting for a few years and saving more in the hopes that house prices will come down and would be able to buy on the open market and perhaps in time have a partner to buy with?

Thanks
 
NOW, a house should be a home ie where you see yourself living for the medium term at least. as 'canicemcavoy' says are you going to start a family in the next ten years,? will the apt be too small etc , these are questions only you can ans!
it not just anymore about getting on the ladder.
the only thing i would seriously consider is the location, the amount of apts around where you intend to buy as that'll effectyour competition if /when you go to sell.
check any claw back clause's in the contract,
the management fee's now and what there likely to go up too,
the management co itself
if you can satisfy yourself of these, then why not buy it! GOOD LUCK
 
I take home approx €1900 a month. No debts, credit card paid off in full every month. Mortgage would be about €620/650 per month.

I have 8k for the deposit and have approx €8k to furnish, solicitors fees and a bit for rainy day which will be added to over time.

Its a 3 bed house, not an apartment in the area where I currently live and in the town that I work in (munster area, not a big town or city), not many apartments here, only houses! My thinking at the moment is that if I took the house I would not be looking to sell in the future as I would like it to be "home", unless something seriously changes my mind!

No plans for family in foreseeable future, not sure if its something that I want at all!

I think whats scaring me the most is the thought of paying 600/700 a month until I retire!

Thanks
 
You will be paying approximately 1/3 of your income on mortgage repayments which is quite doable. You have the deposit and furniture money and you are buying for all the right reasons. You also have the option of renting out a room if you so wish to help with the bills if you wanted to. As you salary increases over the years you can always pay lump sums off the mortgage or else lower the mortgage term.
Goodluck!
 
I take home approx €1900 a month. No debts, credit card paid off in full every month. Mortgage would be about €620/650 per month.
Based on your figure of 142 that seems to be a rate of 3.3%, presume a variable? Interest rates are at historic lows. Already this week Irish banks are reported to be on the verge of raising their rates before the ECB do so.

Before you buy try your figures here and raise the rate to 6-7% to stress test the loan

http://www.drcalculator.com/mortgage/ie/
 
I am sorry this but my advice to someone like you would be not to buy. Enjoy your hard-earned cash. I was in a similar situation last year and bought a 2 bed AH (apartment) in Celbrdige for 190,000. I am single & 43 years of age and my salary is just shy of 30,000 with no hope of any pay rises in the future. I have no credit card bills and a small loan of 2,000.

Fair enough it is my home and last year I could afford it & more. I expected my mortgage to increase and it has from 648 to 778 ish in just 6 mths - the bottom line is that if mortgage rates continue to increase along with the expected Government tax rises in Dec (that's the BIG problem), I will be fighting for my life to remain in my home. I have not a hope of renting out the other room. Right now, half the complex is unsold and has now gone to social housing.

Really it is your decision in the end but you also have to look at your quality of life and keeping any stress in these times to a minimum if possible. It's too late from me but not for you. Life if for living not working to pay for a corrupt Government and a pile of bricks!
 
Thanks for all the opinions.

Im going to take a long hard think about it as im not sure if now is the right time to buy afterall.

Maybe in another 10 years ;)
 
Go for it:) no reason not to.
If you like the house and it will suit you for a few years and you can afford it.
I bought my 1st house on my own about 5 years ago and have never regretted it.
 
I bought my first place 3 years ago on my own. I recently sold it and am in the process of buying another one. I am now back renting, and its driving me nuts. When you have your own place you can do what you want with it and you dont have the hasle of renting, landlords and messy housemates!!
 
If you believe that this place is ideal as your "home". I would say that you should buy it and get on with your life.
 
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