Mortgages |
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Il Principe
Davey Langan Joined: 30 Mar 2012 Status: Offline Points: 961 |
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it's definitely way over double the cost with inflation, interest rates, taxes, land rent, maintenance is the big one that no one factors in, there are so many impossible to list them all the only long term winner are the banks and landlords strive to become one of them
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Patman Scoop
Liam Brady Joined: 05 Apr 2009 Location: Saint Pierre Status: Offline Points: 1163 |
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Re MPI Very low fixed rate for 30 years but the MPI is €118 .......per month
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Why no wine??!
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Offline Points: 26343 |
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Next milestone for me is getting below 50% LTV so hoping to pay off extra and then be met with rising values.
Will bring me to 2.75% from 2.95% Hoping that will be in and around this time next year all going well. Paying off extra early when interest is high is the key of you can manage it
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They finally did it man... They killed my f**kin' car...
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nvidic
Moderator Group Joined: 03 Aug 2010 Status: Offline Points: 19015 |
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That was a bit of a joke how that scheme was done with the cost and the restricted providers, local Councillor probably best to talk to about it
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nvidic
Moderator Group Joined: 03 Aug 2010 Status: Offline Points: 19015 |
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Interest is at a low point the last few years!
Did you ever look at putting the money into the pension instead after that thread? 0.2% seems nothing when pension returns 6%+ and Govt gives you either 20% or 40% relief, albeit that's obviously on much lower sums of money |
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Offline Points: 26343 |
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No what I mean is that interest is at its highest when the principle is at its highest, so paying down early days will save a nice few quid over the long term Yep I'll be speaking to the boss in the next couple of weeks, he is setting up a pension for me so I'm happy with that
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They finally did it man... They killed my f**kin' car...
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nvidic
Moderator Group Joined: 03 Aug 2010 Status: Offline Points: 19015 |
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Ah, I get ya now, best of luck with it
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32826 |
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You can get 2.45% 3 or 5 year fixed.
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AKA pedantic kunt
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Offline Points: 26343 |
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Yeah I know I can alright. I just like the freedom of paying extra whenever I get the opportunity
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They finally did it man... They killed my f**kin' car...
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Claret Murph
Paul McGrath Hmmm, Goodness, I must say Joined: 16 Apr 2009 Location: Tibet Status: Offline Points: 15766 |
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Lansdowne Road debut aged 52 and 201 days .
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Zinedine Kilbane 110
Jack Charlton Man City records obsession Joined: 20 Mar 2012 Location: Dundalk Status: Offline Points: 9647 |
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But on the other side your house should more than double in value over a 35 year period. Also very tax efficient for inheritance tax purposes. As a long term investment it’s very safe, hence the expression, safe as houses. The number one method of becoming a millionaire is through property.
Edited by Zinedine Kilbane 110 - 05 Jan 2021 at 7:50pm |
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6992 |
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There are limits on how much and how long a term the banks will do without security, usually this is <€100k and up to 7 years. So unless you can afford to pay €100k back over 7 years at a much higher rate then it will be the mortgage route. It's for the same reason that most people take out equity releases (over the remaining term of the original mortgage) for extensions etc.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6992 |
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Can you elaborate more on this? Inflation can make a mortgage cheaper providing rates are steady enough. I'd seriously hope to be earning more in 10 years time (based on inflation/cost of living increases etc) but my mortgage will still be €1k pm. Enjoy your annual rent increases.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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Zinedine Kilbane 110
Jack Charlton Man City records obsession Joined: 20 Mar 2012 Location: Dundalk Status: Offline Points: 9647 |
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Yeah I know it's 20 years but still I'd have assumed the repayments would be more. Sausy just curious if say a house was 400k and you have 300k - do banks just give you a normal loan for the 100k or any loans for a house have to be a mortgage? Our situation is in 2-3 years we'd be close to buying a house out right with no loan/mortgage needed [/QUOTE]
That’s a great position to be in. You should have a good think about maximising your investment tho. You could buy a house with a mortgage and another buy-to-let house/flat. That way you are getting rental income that covers your buy-to-let mortgage. Interest rates are at an all time low and rental income is at an all time high. Or have a look on the pensions thread. You could be maximising your pension contributions over the next few years. There is nothing wrong with buying a house with no mortgage either. Just some options to consider. |
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32826 |
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But you could put that money away and invest it for 5 years and then pay it down when the fixed term is up and you will have got benefit of both.
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AKA pedantic kunt
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6992 |
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Presuming you have about 30 years left on the mortgage you'll only see an €11 drop in monthly repays per €100k with the rate reduction. As mentioned already you might be better off putting extra into a pension than lumping against the mortgage.
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Offline Points: 26343 |
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I see what you mean Baldy and definitely something I have thought before. But my logic is that I pay off the bulk of this early while I can. I don't know what's around the corner and if something does happen I'd rather have a small mortgage to deal with.
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They finally did it man... They killed my f**kin' car...
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Wuhan by the Sea
Joe Lapira Joined: 05 Jan 2021 Status: Offline Points: 1 |
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Going through the whole mortgage craic at the moment as I received planning permission just before Xmas. Very limited with the mortgages you can get going through the self build route. narrowed it down to AIB and EBS. Probably siding with EBS as money is quicker to release during construction and 2% cash back at final draw down along with 2.9% fixed for one year and then you can go to the market after 12 months. AIB offering 2.35% for 3 years with no cash back.
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