J
Jazzer
Guest
Hi, I’d really appreciate any views on buying a property in the current economic climate!
My partner and I have been putting off and putting off buying a property while waiting for change in government, budgets, Eurozone debt crisis/economy to settle down, etc. We have mortgage approval and would be borrowing about €240,000. We are looking for a long term home in the Dublin 7 area so if house prices go down a bit that’s not the end of the world. As I’ve just turned 50 we can only get a 15 year mortgage so would be a bit worried about putting off buying for too long as the mortgage repayment period gets shorter and also getting mortgage protection may become more difficult and expensive. There also seems to be very conflicting views as to whether interest rates will rise and by how much. We currently live between my partner’s rented apartment and my house which is too small for us and which we plan to rent out (It is near to the Mater & Temple St Hospitals and should be easy enough to rent out - has a mortgage of €100,000). We just want to move on with our lives. Both our jobs are secure and we have good credit ratings etc and savings. We have thought about renting a house for a year or so and the places we’re looking at in our preferred area are c. (€1,400 per month €16,800 pa).
Thanks in advance!
My partner and I have been putting off and putting off buying a property while waiting for change in government, budgets, Eurozone debt crisis/economy to settle down, etc. We have mortgage approval and would be borrowing about €240,000. We are looking for a long term home in the Dublin 7 area so if house prices go down a bit that’s not the end of the world. As I’ve just turned 50 we can only get a 15 year mortgage so would be a bit worried about putting off buying for too long as the mortgage repayment period gets shorter and also getting mortgage protection may become more difficult and expensive. There also seems to be very conflicting views as to whether interest rates will rise and by how much. We currently live between my partner’s rented apartment and my house which is too small for us and which we plan to rent out (It is near to the Mater & Temple St Hospitals and should be easy enough to rent out - has a mortgage of €100,000). We just want to move on with our lives. Both our jobs are secure and we have good credit ratings etc and savings. We have thought about renting a house for a year or so and the places we’re looking at in our preferred area are c. (€1,400 per month €16,800 pa).
Thanks in advance!