so you do have a form of life insurance.
Indeed.
I don't see the point of life insurance if you have no spouse or children in any case.
Yep. I still have to pay a statutory 1.5% - Spouses & Children pension deduction even though I have neither, but that's another story.
Thanks for the advice. So the thing to do is keep saving for the deposit, but there's nowhere to put it to maximise interest because all the savings accounts are very low interest? And I shouldn't go near ETFs? For the moment anyway?
Personally I was very risk averse when saving for a house deposit.
Well done on saving 1K per month. At 12K per year, it would take you 2-3 years to save the 10% deposit for a house.
Considering the low rent you have at the moment, I would consider where else can you cut down to save some more per month. It would be nice to send to savings one out of every 2 paychecks.
€175k - You can borrow up to 3.5x your salary (a limit, not a target)
€20k - You can borrow at 90%LTV meaning you need a 10% deposit
€195k - Maximum purchase price for you
€5-8k - Costs of stamp duty, solicitors, valuations, etc
€5-10k - As a first time buyer, you will probably need furniture, TV, utensils etc. Spend as much or as little as you like but make sure you budget for these items. They don't all need to be purchased on the day you move in but you will need them at some point in the first 6-12 months
You should set a target of €30k so that you can afford a deposit and the associated costs of purchasing. Once you reach €20-24k it is time to start talking to banks or brokers about getting Approval in Principal.
Are there properties in your area that you would be happy to live in that are less than €195k? It is worth having a look now to see what is available within your price range. If you currently have a few thousand saved and you can keep saving more than €1k/mth, you might not be that far off being in a position to purchase, sometime in the next 18-24 months if you are diligent. Just don't go mad when we come out of lockdown
Op just be aware some credit unions have savings caps too so you might need a separate account for savings if you go over the limit if applicable
Not unlikely that that they will bring it down.Thanks. There's quite a large cap with my one so I don't need to think about that for a while !
Very true! You never know with credit unions !
Would it be worth opening a savings account with Raisin bank? They seem to have the best interest at the minute.
At the minute I'm with PTSB , who I joined because they had no fees, but now I'm paying €72 a year, so I'm looking for another current account at the minute anyway and reading through some other threads. i'm probably going off topic here, apologies.
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