I suppose this is a 2 tiered question:
Dh and I are currently saving approx. €700 a month - we live in my husbands very small 2 bed mid terrace townhouse and had hoped we could save for a deposit to move up to a 3 or 4 bed semi d in Dublin but with approx 60k negative equity on an apartment I own and have rented out and the fact we have tracker mortgages on both (taken out 2006/2007) and I'm only working part time the banks obviously wouldn't look at us right now but did say they would lend us €405k if I was working full time, we sell the 2 properties we currently own and if we had 40k (10%)savings. We actually love where we live (apart from its size) so hoping to save for a couple of years and I hope to be back working full time again in a year or so. Anyhow to cut a long story short we have been saving with the credit union with no return on the savings so just wondering if you could advise on a good savings or investment plan with any of the financial institutions which is giving optimum results on their money? We have around 20k saved so far and with houses rising fast a 3 or 4 bed in our area would be 400k+ We have one child at the moment so our house is fine for another few years.
Hate to lose the trackers btw! The house we live in would break even with no negative equity and little or no profit on a sale. My mortgage on the rented apartment is with PTSB and they told me they would only allow me to keep the tracker on the negative equity being moved to a new mortgage on a like for like basis i.e. the current mortgage is out in my name only so it would have to be moved to a new mortgage in my name only and not in both our names (this isn't an option as I would only get buttons on my own). The other problem being the ever increasing house prices in Dublin so a 405k mortgage might be useless to us in a few years time.
I suppose our immediate concern is to get a bit of a return on our savings and our future concern being the loss of our trackers! Any advice greatly received.
Dh and I are currently saving approx. €700 a month - we live in my husbands very small 2 bed mid terrace townhouse and had hoped we could save for a deposit to move up to a 3 or 4 bed semi d in Dublin but with approx 60k negative equity on an apartment I own and have rented out and the fact we have tracker mortgages on both (taken out 2006/2007) and I'm only working part time the banks obviously wouldn't look at us right now but did say they would lend us €405k if I was working full time, we sell the 2 properties we currently own and if we had 40k (10%)savings. We actually love where we live (apart from its size) so hoping to save for a couple of years and I hope to be back working full time again in a year or so. Anyhow to cut a long story short we have been saving with the credit union with no return on the savings so just wondering if you could advise on a good savings or investment plan with any of the financial institutions which is giving optimum results on their money? We have around 20k saved so far and with houses rising fast a 3 or 4 bed in our area would be 400k+ We have one child at the moment so our house is fine for another few years.
Hate to lose the trackers btw! The house we live in would break even with no negative equity and little or no profit on a sale. My mortgage on the rented apartment is with PTSB and they told me they would only allow me to keep the tracker on the negative equity being moved to a new mortgage on a like for like basis i.e. the current mortgage is out in my name only so it would have to be moved to a new mortgage in my name only and not in both our names (this isn't an option as I would only get buttons on my own). The other problem being the ever increasing house prices in Dublin so a 405k mortgage might be useless to us in a few years time.
I suppose our immediate concern is to get a bit of a return on our savings and our future concern being the loss of our trackers! Any advice greatly received.