Mortgages

Our Mortgage is through the Rebuilding Ireland scheme with DCC .

Patman Scoop wrote: Re MPI Our Mortgage is through the Rebuilding Ireland scheme with DCC . Very low fixed rate for 30 years but the MPI is €118 .......per month

nvidic wrote: MayoMark wrote: 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  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

MayoMark wrote: 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

Il Principe wrote: sausy wrote: Claret Murph wrote: Artie Ziff wrote: Has anyone ever worked out what your house is actually costing over the course of the mortgage, initial purchase, solicitors, engineers then when you move in, insurance, average yearly home repairs.       Nope ,but as a guess i would say double what you paid for the house .   Not double. Average mortgage is probably close to €250k at this stage with a term of 35 years so you would end up paying back c. €404k based on 3%. Shorten the term to 20 years and that falls to €332k. 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

  Yer  think Sausy didnt build that in to the question from Artie. Maintenance can be big as i was told everything in the house needs to be changed every 20 years , again this depends on many things kids ripping up the place or a wife who like to change everything every 4 years year so many things you don't figure in in the course of 35 years . 

Artie Ziff wrote: McG wrote: Artie Ziff wrote: sausy wrote: Claret Murph wrote: Artie Ziff wrote: Has anyone ever worked out what your house is actually costing over the course of the mortgage, initial purchase, solicitors, engineers then when you move in, insurance, average yearly home repairs.       Nope ,but as a guess i would say double what you paid for the house .   Not double. Average mortgage is probably close to €250k at this stage with a term of 35 years so you would end up paying back c. €404k based on 3%. Shorten the term to 20 years and that falls to €332k. So only €72,000 owed on a 250k house. Didn't think they'd be that low  Good info  Yeah but at only 20 year mortgage. 1700 monthly repayments over 20 years. Seems reasonable enough if you've two earners in the family when compared to rent 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

Artie Ziff wrote:

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MayoMark wrote: 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

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.