Hi guys,
My head is about to blow up over the past couple of days, my husband is the same. As the title states, we are FTB's, put a deposit on a brand new 4 bed semi €440k in Wicklow town & due to sign contracts in the coming days and have loan approval.
I use this site for reference alot and think it's fab but despite hearing about it in the press alot recently & subsequently reading the thread about the MARKET CRASHING. I am terrified about what we are about to do, my husband and I feel that if the housing market was to go belly up we would be one of the first to be destroyed by it, then if it goes the other way we are fine.
I would really appreciate some genuine advice and opinions as we have also discussed ringing our solicitor to cancel & get the deposit back and get a cheaper house (in Co. Wicklow...where?!?) or just hang on and see what happens. We could be making the biggest mistake or the best descision of our lives here. We have 2 children under 4 to consider aswell and we don't want them to suffer if there WAS a downturn.
Right here goes....
Joint income is €76,500 per annum, childcare will be €1,100 from Sept due to one of the kids starting school, we own both our cars outright, currently paying €1,200 p.m rent no probs for over 5 years (sick of it-want our own family home), have good savings which helped us getting mortgage but we have an o/s loan with credit union of €7k,current pay cash €100 p.w no prob, we often pay more to get it down faster. The usual grocery & clothing bills, utility bills, life assurance €180, motor costs incl tax & insurance about €2k per annum.We have a lovely life, financially very secure, only thing missing was our own home. We could not go for a house until this year as we were waiting on hubbie to be made permanent in his job prior to that he was contracting so unreliable income made it hard to get on the property ladder. I have had the same perm job for 4 years now.
We are just worried about it, we are looking at €1,800 per month repayments over 35 years, which we can manage but what if the interest rates rise, we could be totally finished, or are we just panicking. We just don't want to get to the stage where we can't afford to get shoes for the kids or something like that when at present we are saving and don't have to worry about buying things!. Ideally, we would like to have a €1,200 per month mortgage but we would never get a decent house for that price now the way the market is unless we want a shoebox and with 2 small kids we need space and bedrooms etc.
Hubbie's job based in Sandyford, I am in the city centre and kids in creche in Bray so commute will only be an extra 20 mins each way per day so ideal.
What do you think???...are we mad or doing the right thing. I am worried about what COULD happen, then again we want our own family home for our kids, at this stage they deserve it after renting for so long!!.
Thanks in advance....Mag.
My head is about to blow up over the past couple of days, my husband is the same. As the title states, we are FTB's, put a deposit on a brand new 4 bed semi €440k in Wicklow town & due to sign contracts in the coming days and have loan approval.
I use this site for reference alot and think it's fab but despite hearing about it in the press alot recently & subsequently reading the thread about the MARKET CRASHING. I am terrified about what we are about to do, my husband and I feel that if the housing market was to go belly up we would be one of the first to be destroyed by it, then if it goes the other way we are fine.
I would really appreciate some genuine advice and opinions as we have also discussed ringing our solicitor to cancel & get the deposit back and get a cheaper house (in Co. Wicklow...where?!?) or just hang on and see what happens. We could be making the biggest mistake or the best descision of our lives here. We have 2 children under 4 to consider aswell and we don't want them to suffer if there WAS a downturn.
Right here goes....
Joint income is €76,500 per annum, childcare will be €1,100 from Sept due to one of the kids starting school, we own both our cars outright, currently paying €1,200 p.m rent no probs for over 5 years (sick of it-want our own family home), have good savings which helped us getting mortgage but we have an o/s loan with credit union of €7k,current pay cash €100 p.w no prob, we often pay more to get it down faster. The usual grocery & clothing bills, utility bills, life assurance €180, motor costs incl tax & insurance about €2k per annum.We have a lovely life, financially very secure, only thing missing was our own home. We could not go for a house until this year as we were waiting on hubbie to be made permanent in his job prior to that he was contracting so unreliable income made it hard to get on the property ladder. I have had the same perm job for 4 years now.
We are just worried about it, we are looking at €1,800 per month repayments over 35 years, which we can manage but what if the interest rates rise, we could be totally finished, or are we just panicking. We just don't want to get to the stage where we can't afford to get shoes for the kids or something like that when at present we are saving and don't have to worry about buying things!. Ideally, we would like to have a €1,200 per month mortgage but we would never get a decent house for that price now the way the market is unless we want a shoebox and with 2 small kids we need space and bedrooms etc.
Hubbie's job based in Sandyford, I am in the city centre and kids in creche in Bray so commute will only be an extra 20 mins each way per day so ideal.
What do you think???...are we mad or doing the right thing. I am worried about what COULD happen, then again we want our own family home for our kids, at this stage they deserve it after renting for so long!!.
Thanks in advance....Mag.
) & hubbie is 32 so we are still on the young family side.