But you're probably going to be pumping in about 20,000 euro to pay off the interest portion of the mortgage in the first two years... This doesn't seem like the right time to be buying a place that you are only planning to live in for two years!Bluebean said:The house we are thinking of buying is in a good area, we can afford the payback.
We may not necessarily move after 2 years, but we might. As I said, if the market falls, we will stay in the house. Its not our ideal house, but then does anyone get their dream house first time around?
We have decided that we have sat on the fence for too long, now is the time to get on to the property ladder.
If we wait another 2 years and continue renting, then we have gained nothing but we would have lost close to 20,000 euro in rent.
Again, thanks for the feedback.
Bluebean said:We have decided that we have sat on the fence for too long, now is the time to get on to the property ladder.
If we wait another 2 years and continue renting, then we have gained nothing but we would have lost close to 20,000 euro in rent.
Again, thanks for the feedback.
You can work it out using Karl Jeacle's mortgage calculator if you like. Enter the mortgage amount, term and rate and then choose the Annual Table option to see how much interest and capital you will be paying in the first few years. Note that the calculator does not factor in owner occupier mortgage interest relief (up to €4000 @ 20% = €800 p.a. per buyer for FTBs).thewatcher said:in 2 years time you will probably have paid far more in interest payments than you will in rent.
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