it wouldn’t be financially prudent to use €270k to purchase circa €400k home
Ok wow, no, no I would not.Let's say you own a house worth €400k and you have a €130k mortgage.
Would you borrow €300k to buy an investment property worth €300k?
But if a €400k is your forever home, then that is fine. Buy it. Max your pension. Pay down your mortgage.
And the income you get from it in terms of extra enjoyment is not taxed.
I'm with AIB, in relation to a proper financial planner, do people typical use someone within their bank? (I have an accountant I have used for general advice/submitting correct CGT etc)Not quite the worst advice I’ve ever seen but it’s a contender.
Get a proper financial planner, buy a house you can afford and start a pension.
Yes, even in relation to one property, the family home, he still had a strong feeling against using a large amount for the deposit, but then many factors can deem that to be reasonable or simply self serving!I for one am shocked that someone who sells mortgages to earn his living is trying to sell 2 instead of 1. Shocked I tell you.
I'm (still) hoping to buy in Dublin, so to get somewhere I'd like and mortgage free, I'd need another great year or two. (I'm getting more conscious that as my deposit grows, the type of house/area grows too, so I'll end up in the same loop, every year waiting another year!!!!)you have 270k ,buy a house you like with this no mortage ,You can then think about a mortage for a buy to let next year
Initially, when I first sought out the broker, my financial position was a lot weaker, but yes, I feel direct with the bank is now best.Terrible advice.
Can I ask why you're using a broker? I don't know your personal situation but your financial situation appears to be incredibly strong, I would suggest going straight to the banks that offer the best terms. You look like you're looking to borrow less than 1x annual gross salary so most banks would be delighted to offer you a mortgage.
in your position, I would consider taking the max possible mortgage that one of the cashback banks will give you then immediately after you receive the cashback, pay down the lump sum of your cash (including the cashback amount). Go variable rate and overpay as much as possible while maxing your pension contributions. You'll be mortgage free in 3-4 years, decent pension pot building and complete freedom to do what you want!
Not great advice as in most cases variable rate will be higher than the fixed rate on offer.Go variable rate and overpay as much as possible while maxing your pension contributions.
Not great advice as in most cases variable rate will be higher than the fixed rate on offer.
It varies by bank but any breakage fee will only be for the amount you are paying off, not the whole balance. It makes no sense to have the whole mortgage balance on a (higher) variable rate just to have the flexibility of paying off small portions of it.
I struggle to see why one would not use a broker.Initially, when I first sought out the broker, my financial position was a lot weaker, but yes, I feel direct with the bank is now best.
The max mortgage to avail of max cash back sounds super, an avenue I'll certainly consider.
Thank you
Interesting, can you expand on this please?I struggle to see why one would not use a broker.
Oh, I’m living outside Dublin for now.Congrats on finding a place in Dublin to rent for €400 . How did you do that ! Are you connected to the owner in some way ?
I agree with advise not ti become a landlord !
Buy the house you want with cash and mortgage as needed !
How stable is your employer if dint even have a pension scheme ?
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