Bidding on house

Maxie37

Registered User
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Hi all, currently bidding on a house that was on for €550000 but bidding has gone to €620000. Could possibly go to €630000. Myself and my partner have just turned 50 and will require €350k mortgage to fund this. We have been approved up to €430k. We are also in the fortunate position that I will be inheriting approx €300-350k but that could be 5-10 yrs time.

Currently paying €2k a month on our current mortgage and owe approx €130k. The house we are bidding on is in a great location but needs work probably around €100k put into it. Kids are 15 and 12 . We reckon our own house will go for €425k. We need more space and this house will give us that but only if we put money into it, it is mainly the location that is excellent near schools dart etc for when kids are in college and I also get dart to work so could walk to station. Just wondering are we nuts to be getting into a mortgage this size at our age ?
 
Depends on the income.maybe fill in the money makeover tread and input all the details might get better response.
 
Assuming you sell your existing property,€350k over 18 years (in assuming you retire at 68) would have a monthly repayment similar to what you're paying now. So roughly 30% of your after tax income.

Assuming you're both in good health then on the face of it this wouldn't seem crazy. The fact you may be able to make large overpayments through future inheritance but are not reliant on it is also positive.
 
Assuming you sell your existing property,€350k over 18 years (in assuming you retire at 68) would have a monthly repayment similar to what you're paying now. So roughly 30% of your after tax income.

Assuming you're both in good health then on the face of it this wouldn't seem crazy. The fact you may be able to make large overpayments through future inheritance but are not reliant on it is also positive.
Many thanks for the reply, I’m very cautious normally so just wanted to get a feel for other’s opinions on it
 
Its still going to be over 15-20 years so not hugely crazy. I ended up spending 100k more than I originally planned but it was for a 2 bed end of terrace rather than the tiny 1 bed I originally was able to buy. In the end I realised I could well afford to spend more on a place I could do a lot with instead of a place my hands would be very tied with. Best of luck with it.
 
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