On the face of it, I don't think it's an outrageous amount for a couple on good salaries to borrow.
But the questions I would ask myself would be:
Is maternity leave paid at full salary? For how long? How long would your wife like to take out of work after a baby?
Crèche fees of around €1000 a month. Work that into the equation. Now work twice that in for two babies.
Work out what the mortgage would be if interest rates go up by 1%, 2%, 3%.
Could you overpay for the first couple of years until babies come along? That builds in a bit of slack?
Do a budget spreadsheet & account for every bit of expenditure.
Isn't the conventional wisdom that your accomodation should cost no more than one-third of your take-home pay?
Dublin106 on the face of it your figures add up and I don't think there is anything particularly ostentatious about your figures. But…. please listen to the advice above. Children change everything. Particularly if you have two. It's a different ball game. It's all very well now calculating projected incomes on 2 full salaries but you may not want to but a baby in full time childcare when the time comes.
Thanks for the advice all.
Quick question - if a finance couple on 142k pa can't afford a 3 bed semi D in south dubin for 0.5m who can? who is buying all these houses? in the likes of ballinteer, rathfarnham, dundrum etc?
everyone here saying shouldn't get a 0.5m house effectively meaning i cant live in these places (or haven't saved enough) but who can afford to then?
I'd think at 142k pa we'd be in the top 5% of earners, maybe top 10%? so top 10% should still be able to afford to live in those areas as there's literally thousands of the same type of house -standard 3 bed semi D with garage to the side.....
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