existing mortgage has about 4 years remaining.
Taking on long term debt for a short term need is a bad idea.Thanks for the replies. Lots of food for thought.
Joint income of approx €160000, existing mortgage has about 4 years remaining. Saving around 2k per month at the moment but that may not be sustainable once son starts college.
I would be looking to hold on to the property for only as long as son or subsequent siblings need it. I have no interest in being a landlord and would sell asap.
I would be looking to hold on to the property for only as long as son or subsequent siblings need it. I have no interest in being a landlord and would sell asap.
Taking on long term debt for a short term need is a bad idea.
He doesn't want to be a landlord Brendan and intends in selling the property when his son finishes in Galway. Where have we seen people buying property in short term intentions before? Incidentally, I have had a fair few people ask me to review properties that they still have from the Celtic Tiger. They are a disaster. They are out of negative equity because they are paying down the debt, not because the property has come back in value. All were still at a loss on the original purchase price. It is a risk to take for such a short term need.But he is not taking on long term debt. He is renting money instead of property for the years that his child or children are in college. That seems reasonable to me.
Adding €30k to a 20 year mortgage to buy a new car is not a good idea.
But adding €30k to a 20 year mortgage to buy a car is a good idea, if you pay it off over 5 years.
Brendan
Why €300k?With regard to affording, we probably would scrape together the 30% (for a €300k mortgage) but that would leave us with little or no savings and with 2 others following we could be left in a precarious situation if they decided to go anywhere else other than Galway.
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