I{U}Ireland
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Are you maximising the deposit returns on your savings (regular and lump sum) towards the house? Can you save more or is €600 p.m. the best you can do?
You will probably need c. 8% of the purchase price of any house so that gives you some idea of what you'll need to save.
You may be better off to put your head down for 12 months and try and save more. You should also ensure you are using your tax entitlements correctly, eg, are you using your wives TFA if she is not working. Also you should be entitled to a medical card.
At what rates? Check the Financial Best Buys forum lists and www.itsyourmoney.ie for the best rates on offer. Go where you can get the best return. Don't stick with your regular bank just out of inertia or loyalty.I have regular and lump sum with AIB
Would there be a community creche option open to you? They are normally a lot cheaper. On a more general point do you keep a spending diary and/or budget and strictly manage your expenditure so as to maximise your savings (within reason) towards the house?I am trying to save more but I am not sure if I will be able as we r thinking to join my first child into a creche...
Why $10K? Is it in US shares or something? €10K + $10K is c. €16,500 at the moment. Allow a few grand to cover legal conveyancing and other house purchase fees and you might generously say that c. €14K is your 8% deposit in which case your budget is c. €175K. Doesn't sound like that would buy you much near Dublin? Would you qualify for any subsidised housing scheme (e.g. affordable and social housing etc.)?I am thinking to buy end of this year and so I think I will have about €10k and the $10k so I hope this would be enough
Tax Free Allowance aka Tax Credits these days. If you are married then make sure that you are on joint/aggregated married taxation. Backdate any claims for outstanding tax reliefs if necessary. You may qualify for the Home Carer's Tax Credit. See the Taxation forum key posts for more on common tax credits etc.I do not think that I am using TFA (I do not know what is TFA)
Don't assume that they or Revenue will always get it right. You need to check these things yourself in case you end up under or overpaying tax.my tax is being taken care by the company I am working with
it is in an account earning low interest in my home country I amWhy $10K? Is it in US shares or something?
€14K is your 8% deposit in which case your budget is c. €175K. Doesn't sound like that would buy you much near Dublin? Would you qualify for any subsidised housing scheme (e.g. affordable and social housing etc.)?
€50K gross looks like about €41.5K net in your situation. As mentioned above you should get CB and ECS so let's include that to add €4K CB and €2.2K ECS to give €47.7K. €320K would be c. 7 times net earnings which sounds on the high side. While some brokers/lenders may say that you can may be able to borrow that amount you need to consider for yourself if such a level of debt is actually manageable and suitable for you personally. Especially with two kids and all the expense that that entails. Sounds to me like you would be stretching yourself. Another way to look at it is that a €320K mortgage would require monthly repayments of c. €1,900 over 25 years, €1,700 over 30 years or €1,600 over 30 years without adding in mortgage protection life assurance.I sent my deails to a broker and he told me that I can borrow up to €320K
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