phileasfogg
Registered User
- Messages
- 66
Negative equity of about €100,000. Currently renting a family home 100 miles away, moved for many reasons, work, needed bigger accommodation, closer to family so got help with childcare. All is working out in new location.
We are just wondering if it will ever be possible to but a family home and if so, what are absolute minimum conditions we would need to meet?
We never had difficulty meeting our mortgage repayments or paying any bills. Unfortunately we didn't act to move out of Dublin quickly enough (we were afraid to give up jobs when recession hit). So for a few years we absorbed huge creche fees, major paycuts (both public sector) and the same tax increases as everyone else.
My husband has now found a private sector job €64,000, I have a public sector job €44,000 and our situation is greatly improved, we will be able to start saving €800 from next month.
Our dilemma is should we save hard and try and put aside €1000 a month for the next 5 years (60,000 ) for a 20% deposit and hope that we will not have so much negative equity that bank will say no to mortgage application. If it's going to take longer than 5 years, then realistically there is no point as our children will be almost adults and we will have no need for dream house with garden for playing in. In this case we could enjoy some lovely holidays, put savings in a college fund instead and start planning for retirement and put lesser savings to buy a smaller house in a longer time.
We are just wondering if it will ever be possible to but a family home and if so, what are absolute minimum conditions we would need to meet?
We never had difficulty meeting our mortgage repayments or paying any bills. Unfortunately we didn't act to move out of Dublin quickly enough (we were afraid to give up jobs when recession hit). So for a few years we absorbed huge creche fees, major paycuts (both public sector) and the same tax increases as everyone else.
My husband has now found a private sector job €64,000, I have a public sector job €44,000 and our situation is greatly improved, we will be able to start saving €800 from next month.
Our dilemma is should we save hard and try and put aside €1000 a month for the next 5 years (60,000 ) for a 20% deposit and hope that we will not have so much negative equity that bank will say no to mortgage application. If it's going to take longer than 5 years, then realistically there is no point as our children will be almost adults and we will have no need for dream house with garden for playing in. In this case we could enjoy some lovely holidays, put savings in a college fund instead and start planning for retirement and put lesser savings to buy a smaller house in a longer time.