Mortgage on a €25k salary

Discussion in 'Mortgages and buying and selling homes' started by icb, Apr 18, 2013.

  1. Gordon Gekko

    Gordon Gekko Frequent Poster

    Exactly. Hard to see how it was possible.
  2. moneybox

    moneybox Frequent Poster

    I doubt he received much of a pay rise considering all the austerity measures that were introduced. Maybe he received inheritance or won it.
  3. icb

    icb Registered User

    Last edited: Dec 31, 2016
    Oops sorry I neglected this after bumping it!

    I did get a salary raise, nothing huge
    Current €31,000

    Some (inconsistent and now non existent) bonuses certainly helped along with lots of overtime.

    I look back and wonder if I should have taken the plunge much much sooner, when I had say 10% deposit etc

    It's hard to tell! At the moment, I believe I'm saving at a rate higher than house prices can go up by but it's time to start proactively looking for a home (I think!), my money is making no money for a long time now (It's sitting in the local credit union!)

    Living at home has enabled me to save 90% of my wages.

    I spend the money I get from overtime on social, Netflix/Spotify etc

    I haven't taken any expensive trips in the past 3 or 4 years, some nice inexpensive Europeans city breaks.

    I'm now 30, it's time to move out!
    Hopefully in the next 6-12 months.
    Last edited: Dec 31, 2016
  4. Bronte

    Bronte Frequent Poster

    Does this mean a two bed has gone from 100k to 200k? From 2013 to 2014.

    What rent would that achieve in the area he mentioned.

    Great effort on the savings.
    icb likes this.
  5. icb

    icb Registered User

    Thanks Bronte I value your opinion and enjoy your posts!

    Back 3/4 years ago when I started this thread there was a lot of €90k to €125k 2 bed options

    Dunboyne castle
    Summerseat Clonee
    Ard Cluain Clonee

    Typical rent now seems to be €1,400-€1,550 for a 2 bed

    My intention is still a 2 bed and renting out the second room bearing rent a room relief in mind.

    I think I need to go chat with a mortgage advisor in the bank.

    I love the idea of waiting to hit the €100k deposit mark and really minimise the mortgage monthly repayment/term but I think that's a little to ideal!

    I need to do some serious thinking re ratio of deposit/mortgage, it would be foolish to consider spending my rainy day fund/unexpected life expenses fund etc!