Mortgages

Hah, they offered once I had the approval in principle from the bank.

Once you know how much the bank will give you & how much you'll have yourself, you can figure out your budget. You still need to allow a good few thousand on top - the total cost of valuation fees, legal fees, pro-rated management fees & pro-rated property tax (rates in your case) will add up to a few thousand, probably the best part of five or six, then you have the cost of furnishing on top.

And once you know the budget, you can go to the folks. Say the bank will give you £130k and you have as much as £30k, your budget is probably only £150k, given legal costs, furnishing costs & the need for a bit of headroom, especially if you buy a house and want to do any works at all. Also, remember mortgage rates will drop if you are below 80% LTV... that definitely helped me.

A cousin did this a few years ago was a nightmare i remember them tell me. The Bank wanted close to 30% deposit. 

ripoff.ie 

I would guess it costs double.

But despite what planning says, it’s works out cheaper than renting.

The landlords arent doing it for the good of their health.

There is too many factors at play:

What initial deposit you put down

Your average interest rate over the time 

The condition of the house when you bought it

Who you married *

The value of your house at the end

To pay double on the mortgage you would have to be paying 5% interest over 20 years on Interest only.....

With the initial deposit and paying down capital amounts each month this is be much less...

* this is key, if you married somebody who wants a new kitchen / bathroom / stairs every 5 years you have messed up big time. 

 

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.