Daniel Kelly
Registered User
- Messages
- 15
Looking at 2 options for buying in Lucan.
I have 130k savings. Wife has 70k. Mortgage of house we're selling is 5k. (virtually gone)
The general options are
A. Buy a 4 bed with all the bells and whistles for e.g. 425k. (this will require 80k from our savings + 60k mortgage (over 20 years - €300 per month repayments)
B. Buy a 4 bed (which is still quite impressive but as it's our 3rd time moving, my gut is telling me go for option 1 as we don't want to move again) for e.g. 370k (this will require 80k from our savings and no mortgage).
We are also have another child in October and wife will be giving up work for a while.
However, allowing for no more childminder fees and reduced mortgage payments (from 1k currently to 300 per month). I think Option A is best.
I guess the real question is ....
Is it reasonable that we're transferring our savings (80k) into equity and so we're not spending it per se?
I guess if we get the 425k house and have a mortgage of 60k, the LTV is low and the equity is very positive.
Part of me thinks Option B is more prudent, but is it necessarily the best option just because it's the cheaper option?
Decisions, Decisions.
I have 130k savings. Wife has 70k. Mortgage of house we're selling is 5k. (virtually gone)
The general options are
A. Buy a 4 bed with all the bells and whistles for e.g. 425k. (this will require 80k from our savings + 60k mortgage (over 20 years - €300 per month repayments)
B. Buy a 4 bed (which is still quite impressive but as it's our 3rd time moving, my gut is telling me go for option 1 as we don't want to move again) for e.g. 370k (this will require 80k from our savings and no mortgage).
We are also have another child in October and wife will be giving up work for a while.
However, allowing for no more childminder fees and reduced mortgage payments (from 1k currently to 300 per month). I think Option A is best.
I guess the real question is ....
Is it reasonable that we're transferring our savings (80k) into equity and so we're not spending it per se?
I guess if we get the 425k house and have a mortgage of 60k, the LTV is low and the equity is very positive.
Part of me thinks Option B is more prudent, but is it necessarily the best option just because it's the cheaper option?
Decisions, Decisions.