while i have one - because my employer pays a contribution as part of my benefits package and i match it, I don't think i would be saying do both at the same time. Get on the ladder then start worrying about a pension IMO. people definately differ on this! But if your employer is matching a contribution you make and there is a tax incentive you might not miss the few 100 a month to put into a pension for peace of mind sakes.obviously the sooner you can start a pension the more you are likely to accumulate. You seem to be living well inside your budget so perhaps you may be able to find another €100pm to put into a pension
Although my boyfriend will probably end up living in the house, our plan is that he will buy another separate investment home..
Is this attitude not part of the reason why house prices were crazily inflated? What if rental market doesnt return to the (crazy) levels it was previously at and your investment property is empty for half the year?
In the current market or next few years I would wonder why this would be your plan. FYI I also dont own a house and am in a similar situation & age bracket to yourself so am just wondering why first time buyer(s) would lumber themselves with two mortgages.....?
Thanks for all the replies.
My intention is to buy the house myself, and pay the mortgage on it myself if at all possible. Although my boyfriend will probably end up living in the house, our plan is that he will buy another seperate investment home. We are both first time buyers, not married, no children planned for a few years yet so we're trying to make the most of our situation and put ourselves under pressure financially while we do actually have money!
My employer does not make ANY contribution towards pension/PRSA, which is quite a disincentive in my eyes.
Ok, suppose I was to say that I was single & wanted to get on housing ladder myself - would there still be such a cry over it? All I want to do is get my own house & I'm posting on here to try & find the best way to do it.
Its not that my boyfriend and I plan on splitting up or anything, but since I left home 12 years ago I've always been pretty independant financial wise and I'd like to keep it that way.
My reasoning is IF anything did happen between boyf & I, at least if the house was mine and and the mortgage was mine then I wouldn't be the one who would have to move out. Makes sense to me!
If you said you were single & wanted to get on housing ladder yourself you would have gotten advice for same, which you did initially. It was you who mentioned an investment property.
I think once you mentioned the 2nd property it set a warning beacon off in some people's heads.
As regards making sense, whether or not your BF be paying rent is the main question to this....
I guess I should have left my boyfriend and his intentions out of it, as really I want information/advice on how much of a mortgage I can get on my own. Would the fact that I can show historically going back about 5 years that I have been able to pay out 400 (rent) + 600 (savings) + 200 (bills) + approx 250 (mobile bill, car insurance, car tax, petrol) each month have any bearing on how much of a mortgage I would now get?
Why would you want to invest in business and stocks? they're risky and going nowhere. You may as well invest in an ice cream van in winter.
Better buy a house which is a long term investment and will have highs and lows such as now. But long term is will bring you loads of cash.
You will also be paying off the mortgage. This is a great market for buyers to make offers. Plenty of people want to offload their houses and will take insultingly low offers.
Investment property can be rented out and will provide tax breaks if its running at a loss.
Better to be paying off a second mortgage of 250k than having a few thousand euro in the bank collecting dust.
Property will go up again in the next up cycle and you will be laughing
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