Irish property market
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Topic: Irish property market
Posted By: The GerK
Subject: Irish property market
Date Posted: 11 Mar 2014 at 4:04pm
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It's gone absolutely mad out there. I am hoping to buy soon, so a few questions for any property gurus on here. All houses in Dublin are going to bids. It's every area now from what I can see as opposed to the more affluent areas, which was the case last year. - If I can get a property now (If I am highest bidder), should I jump at it? - Is this just going to get worse? Even if they start building again, surely the cost of them new houses will be more expensive again. - Areas on the outside of Dublin, or in commuter towns still have ok value. Is it worth looking at Lucan, Leixlip, Celbridge, Maynooth to buy? - Will this bubble spread to aforementioned locations - Could this bubble collapse again in a few years and bring the house prices right down again? |
Replies:
Posted By: SuperDave84
Date Posted: 11 Mar 2014 at 4:14pm
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The bubble could absolutely collapse. The big issue at the minute is supply side caused by the following: 1) The number of people in negative equity who cannot afford to sell their houses, even though they might need to, to get bigger or smaller houses etc; 2) The fact the banks are not lending to builders or developers to construct new properties in Dublin despite the fact they are necessary; 3) (following on from above) the fact that there is still little money to be made in developing: even with a free site, the cost of building a 50 apartment block would be similar to or more than the amount you could get from selling them at current prices; 4) The fact a number of banks are refusing to crystallise losses and repossess houses in negative equity, sell them, and write off the difference. Also, a lot of the buyers out there are cash buyers. There are some demand side issues (banks being reluctant to give mortgages to people who can well afford them, banks not giving buy to let mortgages) that should, theoretically, have a depressing effect on the market but, frankly, the huge issue at the minute is still the tiny number of properties coming to the market. The question is whether that situation is likely to change: that is the great unknown. If Ulster Bank pulls out of the market (or, more likely, is sold) then, given the number of mortgages they have (they have always been more focused on mortgages than AIB and BOI), things could get interesting and it would probably have a downward effect. But could the bubble burst again? Yes, absolutely. The reason for the current bubble (and it is only a small one) is the tiny number of dwellings for sale. It's not market fundamentals (rising salaries, rising employment, profitability of building, cheap finance availability) that are contributing to the rise but short to medium term issues. These are just my thoughts on the matter and I could be wrong (very wrong) but there is a very low level of transactions at the minute. ------------- 
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Posted By: The GerK
Date Posted: 11 Mar 2014 at 4:36pm
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Cheers Dave I suppose the best thing for me to do is keep an eye on houses I want and get one but not to panic buy Interesting what you say about Ulster Bank. We are mortgage approved with them. If they start building again, do you think the price od second hand dwellings will stabilise or come down?
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Posted By: SuperDave84
Date Posted: 11 Mar 2014 at 4:47pm
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Well, that's the great unknown. I can't see prices falling that much further, but it's just a guess. I know they have risen a little bit over the last year and I think we have seen the bottom of the market. I wouldn't panic buy just yet, though. Second hand homes are unlikely to fall that much as owners in negative equity are unlikely to want to sell and, if they have jobs and are meeting repayments, are unlikely to be forced to either. That will harm supply of second hand homes until such time as prices rise a bit more and mortgages get paid down. It's just not economic for many people to sell at the minute, regardless of market fundamentals, which is causing the issue. If the banks were lending to people who can afford mortgages, prices would be only likely to go up, but for the time being, it seems the market is going to remain dysfunctional. It's really hard to know. It's odd to say it, but there are people who cannot afford to sell their homes and it is going to be like that for a while. I mean, if building recommences, you'd imagine it would be because banks were lending to builders. And if they were lending to builders, you'd imagine they'd be lending to buyers too. And if that happened, you'd imagine demand and supply would both increase, returning some normality to the market (and making the data set bigger, making trends easier to establish properly). And if demand increased, so too would prices, assuming constant supply. But, of course, if prices rise, those currently unable to sell but who need to, might be able to, which would increase supply further, having a potentially levelling effect on prices..... it all depends on the banks, but at the minute, there isn't enough data to really know what is going on. The other issue is their losses - if they start repossessing houses with distressed loans (there are loads of those) and selling those houses, they could greatly increase supply, which would drop prices further. As you can see, there is an obvious desire on their part not to do that unless they have to - which is why Ulster Bank's position in the market is so interesting. If RBS decide to wind it down, it will fock us up completely. If they can sell it, or if they decide to hold onto it, we might be okay. And with UK politics the way they are, they might not be too happy at having a UK taxpayer majority owned bank continuing to make massive losses in the Irish property market.... There are a lot of unknown variables out there, put it like that. -------------
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Posted By: Shedite
Date Posted: 11 Mar 2014 at 4:48pm
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Looking to buy myself soon.
I'm buying to live in and not to sell, so once my mortgage repayments are less than what I can afford then I don't really care about the price rising/lowering.
But you're right, it is a bit nuts at the moment, lot of people haven't bought in a few years and there are now too many people bidding on too few houses. Anything in turn key condition is going for way over the value, anything that needs a bit of work is much more attainable.
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Posted By: houghton88
Date Posted: 11 Mar 2014 at 4:48pm
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I dont know what a tracker mortgage is!!! ------------- To alcohol!!!! The cause of and solution to all lifes problems. |
Posted By: Baldrick
Date Posted: 11 Mar 2014 at 4:51pm
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Gerk K. Ronan Lyons is worth following on issues like this. Very good property economist. http://www.ronanlyons.com/" rel="nofollow - http://www.ronanlyons.com/ As Dave says the issue is the moment is good old fashioned supply and demand. However the supply is so small that the demand does not have to be huge although there is pent up demand due to a huge number of years where nobody bought anything really knocking on 6 years now. That is an awful lot of relationships formed families formed etc . My recommendation would be to find the place you want in the location you want to bring up your kids for the next 10 years and that you are happy to live in for the next 10 to 15 years. When you find a place you like then go for it. Do not buy for the sake of it, but also do not hold back on the hope that it will drop hugely again. Remember it dropped 50 per cent in many places after the crash and if there is a 10 per cent increase its of a hugely reduced figure so its in affect 5 per cent of the original peak value. Also I think the economy is going in a decent direction. There is a desperate need for supply to the housing market. It is hard to see when extensive building is going to happen again but I would say value is likely to stabilise rather than a sudden drop again. The best value in the market is probably sales from old people dying and is being sold as part of a will. Plenty of work to be done to the house but you will get best value out of a house like that and it will be in a very settled area also. Dave is right very little second hand stuff will be coming on the market from people upgrading though.
------------- AKA pedantic kunt |
Posted By: Shedite
Date Posted: 11 Mar 2014 at 4:54pm
| Also, Dublin's population is continually growing, while there isn't a lot of land for nice new homes. |
Posted By: Whelo79
Date Posted: 11 Mar 2014 at 5:00pm
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What areas have you been looking in Ger? |
Posted By: The GerK
Date Posted: 11 Mar 2014 at 5:18pm
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Cheers lads Whelo, anywhere in South Dublin Have viewed houses in walkinstown, kimmage, knicklyon, firhouse, rathfarnham Don't want to go to high. Want to live a lot and pay a mortgage |
Posted By: Zinedine Kilbane 110
Date Posted: 11 Mar 2014 at 5:34pm
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Lots of cash buyers (especially in London) looking to buy in Dublin as the rental yields are so good. Around 8% whereas in London they are around 2%. Outside of Dublin they have no interest. ------------- |
Posted By: Just saying like
Date Posted: 11 Mar 2014 at 5:39pm
http://www.irishtimes.com/life-and-style/homes-and-property/irish-house-prices-undervalued-by-13-says-commission-1.1714195" rel="nofollow - http://www.irishtimes.com/life-and-style/homes-and-property/irish-house-prices-undervalued-by-13-says-commission-1.1714195 Irish house prices undervalued by 13%, says commissionGovernment needs to boost the supply of housing in Dublin------------- I don't know what more we can do in terms of being open and transparent - John Delaney |
Posted By: Hoosay
Date Posted: 11 Mar 2014 at 5:40pm
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ZinedineKibane wrote:Posted By: The GerK
Date Posted: 11 Mar 2014 at 5:43pm
Ye heard the Chinese are also investing Should there not be some law to stop them inflating the market? |
Posted By: Just saying like
Date Posted: 11 Mar 2014 at 5:52pm
Fixed that question for you. ------------- I don't know what more we can do in terms of being open and transparent - John Delaney |
Posted By: SuperDave84
Date Posted: 11 Mar 2014 at 5:53pm
Pfft. We live in the free world. Ironically, that just makes things more expensive. But whatever. Once it is in the EU, there should be no capital controls (leaving aside the whole Cypriot banking thing). -------------
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Posted By: The GerK
Date Posted: 11 Mar 2014 at 6:05pm
Where you looking? |
Posted By: Baldrick
Date Posted: 11 Mar 2014 at 6:05pm
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also who are forced to be landlords due to circumstances may not like paying massive taxes on 2nd properties. i would be of the view that the housing market is too important to society to be just a market and that there are mechanisms such as tax that government can do to prevent bubbles but they are not vote winning. People in general do not vote for sustainable policies. would a teenager vote for installation of a lagging jacket in a house over the purchase of an x box. ------------- AKA pedantic kunt |
Posted By: MC Hammered
Date Posted: 11 Mar 2014 at 6:05pm
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This is very much of interest to me. I bought a three bedroom gaff with a mate at the end of 2010. It's getting towards time to sell and go our separate ways. My concern is buying the next gaff. I want to live Southside, nearish city centre but I won't be spending mega wonga. Are there nice 2+ beds going for reasonable money and not requiring much work meeting the above criteria? ------------- El Puto Amo |
Posted By: Baldrick
Date Posted: 11 Mar 2014 at 6:06pm
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can you define mega wonga. ------------- AKA pedantic kunt |
Posted By: MC Hammered
Date Posted: 11 Mar 2014 at 6:11pm
Ideally less than €300k but could prob stretch to €350k for a 3 bed. ------------- El Puto Amo |
Posted By: The GerK
Date Posted: 11 Mar 2014 at 6:29pm
Exactly what I was thinking. After the domino effect the property crash had, you would think the government would do everything they can to prevent another |
Posted By: The GerK
Date Posted: 11 Mar 2014 at 6:31pm
Not really. Look on myhomne.ie and add an extra 10/20 percent to the asking. Then expect to be outbid. It's a jungle right now |
Posted By: Shedite
Date Posted: 11 Mar 2014 at 7:08pm
Where are you looking yourself?
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Posted By: The GerK
Date Posted: 11 Mar 2014 at 7:36pm
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Anywhere on the sunny southside bar the more affluent areas Walkinstown, Kimmage, Firhouse, Knocklyon, Crumlin. Won't rule out the likes of Lucan, Citywest or even parts of Kildare. |
Posted By: t_rAndy
Date Posted: 11 Mar 2014 at 8:09pm
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Yeah I know what you mean Ger. I was having a lot of frustrations viewing houses, bidding and then very quickly the bidding price going outside of our price range. Was starting to think of postponing for a year and see if anything happened with repossessions and more houses coming to the market to make things better for the buyer, but you just never know what is going to happen there. I would echo advice of just keep looking and if you see a place you like bid but don't get too down if it doesn't work out, you will eventually find the place that will suit you and the missus and future arrivals. Looking back now I can see I was desperate. One particular house I had convinced myself was the one for me. The advertised asking price was extremely low but it did need a lot of work as previous tenants had left it in bits (priced 16k just to get it livable with a builder relative). However it had great potential because of a massive back garden and this was swaying me. However the area it was in I would consider a step down from Belgard, kingswood or Kilnamanagh where we had set our hearts. I actually bid more than I should have done on the house but as said I had convinced myself it was the best I could get because the prices were going up already and I was thinking of the potential for extensions and man caves. Thankfully there was another bidder who also wanted it bad and brought the price up way too high for what it was worth in that area so I backed out. Within a week or so of pulling out the house I bought was advertised and we acted quick and thankfully it worked out well and ended up getting the house in Kilnamanagh for the same price as I exited the bidding for the other house. Ok I don’t have a back garden big enough for a big extension and a man cave so the missus will just have to do without her kitchen come dining room |
Posted By: The GerK
Date Posted: 11 Mar 2014 at 8:58pm
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Good advice Andy, think the key is to keep looking and not get down about it. |
Posted By: McG
Date Posted: 11 Mar 2014 at 10:07pm
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Cousin has been outbid on four houses. It's like eBay bidding. Do the sensible thing Ger and move DNS! We'll take ye in. ------------- YBIG Table Quiz winner 2016 & 2017 AS YOU WERE McGx |
Posted By: The GerK
Date Posted: 11 Mar 2014 at 10:20pm
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No way in hell would I move over to that dump |
Posted By: ShayGivensBum
Date Posted: 11 Mar 2014 at 10:31pm
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Posted By: Sono
Date Posted: 11 Mar 2014 at 10:41pm
Says your man from Tallaght  |
Posted By: greenforever
Date Posted: 11 Mar 2014 at 10:50pm
On the basis you are buying a house which you want to be your family home, ensure that the area has schools that you will be happy to send your kids too, that has no planning for anything that would cause you to want to move (halting site / shops etc) Once you are happy that the area is going to allow you happily live there for 20/30 years then as long as you can comfortably afford the repayments go for it. If you can possibly pay fortnightly rather than monthly you can significantly reduce the term of the mortgage. Remember that you are going to most likely have serious increase in your living costs when GerK junior(s) arrives, so don't over stretch the mortgage repayments. ------------- I know nothing :-) |
Posted By: Baldrick
Date Posted: 11 Mar 2014 at 11:51pm
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pay weekly if you can reduce your mortgage by a year or possibly 2. One of the best bits of advice my Da ever got. Free money. ------------- AKA pedantic kunt |
Posted By: Claret Murph
Date Posted: 12 Mar 2014 at 7:00am
 ------------- Lansdowne Road debut aged 52 and 201 days . |
Posted By: RogerMilla
Date Posted: 12 Mar 2014 at 7:16am
baldrick is saving himself for that special mortgage ------------- The first time the Devil made me do it. The second time I did it on my own. |
Posted By: Baldrick
Date Posted: 12 Mar 2014 at 8:09am
don't have one as i live in Dublin and i could not afford a mortgage in Dublin. Very hard also to save deposit and pay rent when rents are rising all the time. Don't have the option of moving home to save deposit. How much is your mortgage.
------------- AKA pedantic kunt |
Posted By: McG
Date Posted: 12 Mar 2014 at 8:35am
DNS 350K http://www.myhome.ie/residential/brochure/11-elton-court-ayrfield-dublin-13/2515346" rel="nofollow - http://www.myhome.ie/residential/brochure/11-elton-court-ayrfield-dublin-13/2515346 ------------- YBIG Table Quiz winner 2016 & 2017 AS YOU WERE McGx |
Posted By: Declanus
Date Posted: 12 Mar 2014 at 8:37am
| Hope this bubble doedn't happen again. for the country's sake |
Posted By: Baldrick
Date Posted: 12 Mar 2014 at 8:45am
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i would not call it a bubble as its genuine lack of supply and genuine pent up demand. Not inflated by credit so its not really a bubble. ------------- AKA pedantic kunt |
Posted By: MC Hammered
Date Posted: 12 Mar 2014 at 8:59am
Lovely gaff but I ran it through my Nasa calibrated affluence calculator and I am 8.436% too posh for that area. ------------- El Puto Amo |
Posted By: SuperDave84
Date Posted: 12 Mar 2014 at 6:08pm
Aye, but supply would increase in a heartbeat if the banks dealt with their uncrystallised losses. Supply is artificially small at the minute. -------------
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Posted By: The GerK
Date Posted: 12 Mar 2014 at 6:21pm
That's the plan. I know too many people who can do f**k all because they have massive mortgages. I plan to live and still go to Ireland aways Was bad enough missing out last campaign because I was saving for a wedding. Modest mortgage with plenty of disposable income is my plan |
Posted By: ShayGivensBum
Date Posted: 13 Mar 2014 at 4:05pm
| Launch over the weekend of 5 beds in Stocking Wood. €399,000. |
Posted By: Baldrick
Date Posted: 13 Mar 2014 at 4:57pm
Was out there the other week. Talk about out of the way. If you worked in town would be a bloody nightmare getting from there to work every day. ------------- AKA pedantic kunt |
Posted By: sausy
Date Posted: 13 Mar 2014 at 5:05pm
not far enough up the mountain for me  ------------- Bimbos Burgers - "Official Sponsor of the Irish Squad" |
Posted By: ShayGivensBum
Date Posted: 13 Mar 2014 at 5:07pm
I live there and go in and out every morning and its grand. Lovely spot.
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Posted By: Baldrick
Date Posted: 13 Mar 2014 at 5:09pm
Really, whats the bus times like, are they regular enough. ------------- AKA pedantic kunt |
Posted By: ShayGivensBum
Date Posted: 13 Mar 2014 at 5:11pm
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Two major bus routes. The 15 and 15b. Both come every 10 minutes. Only actually 10km from the city centre. Lovely area so quite and houses are finished to a very high quality
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Posted By: Baldrick
Date Posted: 13 Mar 2014 at 5:16pm
Very good thats a decent service, How long does the trip take in the morning. Friend of mine from out there must be clueless so as she said the bus service is terrible. She will be taken off the trust list I have on my excel spread sheet for friends I take transport advice from. She may be demoted as a friend to down to acquaintance.
 ------------- AKA pedantic kunt |
Posted By: ShayGivensBum
Date Posted: 13 Mar 2014 at 5:20pm
| She must be going around with her eyes closed so because they are two of the most regular buses going. |
Posted By: AntrimMan
Date Posted: 13 Mar 2014 at 5:20pm
The bus service is killing her? Jesus. That is bad. ------------- @AntrimMan85 |
Posted By: Baldrick
Date Posted: 13 Mar 2014 at 5:20pm
------------- AKA pedantic kunt |
Posted By: The GerK
Date Posted: 13 Mar 2014 at 5:35pm
Had deposit on a four bed there last year for 265k but ended up pulling our. Regret it now. Any trouble with the pikeys up that way? |
Posted By: MC Hammered
Date Posted: 13 Mar 2014 at 5:35pm
Both buses come regularly but take a fookin age to get to the city centre at rush hour. It must be 1hr 20min commute at peak times? ------------- El Puto Amo |
Posted By: The GerK
Date Posted: 13 Mar 2014 at 5:36pm
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On another note, viewing a house in Firhouse next week. Asking is 230k. Reckon it will go for 280k |
Posted By: Baldrick
Date Posted: 13 Mar 2014 at 5:47pm
Jaysis 2 hours 40 every day of a commute. Feck that for a game of soldiers. Life is too short for that short of crap ------------- AKA pedantic kunt |
Posted By: ShayGivensBum
Date Posted: 13 Mar 2014 at 5:49pm
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265k that was a great price. Would love to buy there. The 4 beds are gorgeous. No trouble whatsoever. Wouldn't even know they were there. The 15b is a long enough route max it would take is 50 mins and that's in bad traffic. The 15 is grand. |
Posted By: Baldrick
Date Posted: 13 Mar 2014 at 5:54pm
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There was a show on this last night on TV3 I know http://www.tv3.ie/3player/show/192/77325/1/MidWeek" rel="nofollow - http://www.tv3.ie/3player/show/192/77325/1/MidWeek ------------- AKA pedantic kunt |
Posted By: SuperDave84
Date Posted: 13 Mar 2014 at 6:02pm
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It's little more than 30 minutes on a bike in of a morning. It's mostly downhill. I've cycled out that way in 30 minutes before from town but it is killer. Probably takes more like 45 on any sort of commuter bike. -------------
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Posted By: Shedite
Date Posted: 13 Mar 2014 at 6:05pm
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Calling that Rathfarnham is a joke.
Was up there once, nice houses, but so much bleakness around. It it had taken off (full of houses and a few shops) it's be a lovely spot. Think I prefer the new development in Belmont in Stepaside.
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Posted By: Baldrick
Date Posted: 13 Mar 2014 at 6:09pm
By bleakness do you mean, gorgeous countryside with mountains etc. So you are saying if more houses were built there it would make it nicer ------------- AKA pedantic kunt |
Posted By: horsebox
Date Posted: 13 Mar 2014 at 7:00pm
Put in your bid - a reasonable bid. Then pester the agent 2/3 times a day. He'll get fed up with all the hassle and just tell the owners there was no further bids. That's kinda what I did and I got mine for 22k less that my next door neighbour  ------------- It was far across the sea, When the devil got a hold of me, He wouldn't set me free, So he kept me soul for ransom. na na na na na na na na na na na na na na na na na. I'm a sailor man from Glasgow to |
Posted By: Shedite
Date Posted: 13 Mar 2014 at 7:34pm
Think they've covered a lot of it up now with billboards like "Spar coming soon". They need to do something with it. As ya said, there's lovely countryside around there, just a lot of eyesores blocking the view.
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Posted By: sausy
Date Posted: 13 Mar 2014 at 7:53pm
Actually Baldy you're right, it's a horrible area. Halting site near by not to mention the gerk family home and the counts gaff only down the road. If I were you not I only wouldn't I look at buying out here I'd avoid visiting also. ------------- Bimbos Burgers - "Official Sponsor of the Irish Squad" |
Posted By: sausy
Date Posted: 13 Mar 2014 at 7:56pm
Agree with you on that. The random roundabouts where there's nothing is a little off putting but at least woodstown shops are only down the road. Deane Bro's built stocking wood and they went into NAMA 2 years ago so can't see them finishing up the development anytime soon. ------------- Bimbos Burgers - "Official Sponsor of the Irish Squad" |
Posted By: sid waddell
Date Posted: 13 Mar 2014 at 8:01pm
Thinly veiled "I'm viewing a house in Tallaght next week." ------------- Edited by Trigboy 10 at 10:03pm |
Posted By: Baldrick
Date Posted: 13 Mar 2014 at 8:17pm
not looking to buy in Dublin. Cant afford it. Awaiting a transfer. ------------- AKA pedantic kunt |
Posted By: BigStrongMan
Date Posted: 13 Mar 2014 at 8:25pm
------------- PM me for all forum moderation queries. |
Posted By: BigStrongMan
Date Posted: 13 Mar 2014 at 8:27pm
------------- PM me for all forum moderation queries. |
Posted By: Claret Murph
Date Posted: 13 Mar 2014 at 8:38pm
 ------------- Lansdowne Road debut aged 52 and 201 days . |
Posted By: McG
Date Posted: 13 Mar 2014 at 9:11pm
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Ger, you sure we cant tempt you? 15 mins from Airport http://www.myhome.ie/residential/brochure/c-style-home-delvin-banks-naul-village-dublin/215476" rel="nofollow - http://www.myhome.ie/residential/brochure/c-style-home-delvin-banks-naul-village-dublin/215476 Viewed these last year. Incredible houses. ------------- YBIG Table Quiz winner 2016 & 2017 AS YOU WERE McGx |
Posted By: ShayGivensBum
Date Posted: 13 Mar 2014 at 11:54pm
Are you painting the new wans? If so drop in for a cuppa
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Posted By: Cotsy
Date Posted: 13 Mar 2014 at 11:54pm
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Me and the missus looking to buy a 3 bed in lucan at the minute ger and it is carnage. Most places going for well above the asking price. Hoping to go max 260ish plenty of viewings but not going to panic. Not going to settle just yet. ------------- Bohs Till I Die |
Posted By: DG80
Date Posted: 14 Mar 2014 at 12:18am
people have mentioned paying your mortgage weekly/fortnighly. can someone please explain this to me ------------- cup champions |
Posted By: SuperDave84
Date Posted: 14 Mar 2014 at 1:04am
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If your direct debit is set up for €1,500 a month, ask can you set it up for €750 a fortnight instead (especially if you are paid weekly)..... that way, leaving aside the fact that there are an extra four weeks in the year (as in, you'd make 26 payments rather than 24 paying twice monthly), the bank charge less interest as interest is calculated daily. It's a win-win situation. If you are paid weekly, certainly consider asking for a fortnightly direct debit, to coincide with payday. -------------
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Posted By: BigStrongMan
Date Posted: 14 Mar 2014 at 6:24am
 you in the Apts facing the green?------------- PM me for all forum moderation queries. |
Posted By: sausy
Date Posted: 14 Mar 2014 at 9:17am
Empty gesture BSM, I was offered a can of Heineken ages ago but still no sign  ------------- Bimbos Burgers - "Official Sponsor of the Irish Squad" |
Posted By: The GerK
Date Posted: 14 Mar 2014 at 10:02am
What parts of lucan you have in mind? |
Posted By: ShayGivensBum
Date Posted: 14 Mar 2014 at 10:06am
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First block on the left as you drive in BSM Sausy I dumped those Heineken
 |
Posted By: Cotsy
Date Posted: 14 Mar 2014 at 10:35am
Big crowds at all viewings so hard to know who are spoofing and who are serious. Another 3 viewings in the morning and have to get to brickfields for my match at 1 o'clock. First world problems and all that.
Have approval so key is not to panic. Have seen a cpl i know we would get but need work but just wont have the cash to hand to do it up. Need a place where i can kind of live in straight away. Dont want to settle just yet. Same as you i want to be able to live after i get and not sit in the gaf every weekend with no disposable income. ------------- Bohs Till I Die |
Posted By: BigStrongMan
Date Posted: 14 Mar 2014 at 10:42am
------------- PM me for all forum moderation queries. |
Posted By: Sham157
Date Posted: 14 Mar 2014 at 12:15pm
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Posted By: Baldrick
Date Posted: 14 Mar 2014 at 12:16pm
As far as I know they legally have to let you do this if you would like to. My Dad knocked 2 years off his mortgage simply by doing this. Its a no brainer really and I plan to do it when I get a mortgage.
------------- AKA pedantic kunt |
Posted By: Sham157
Date Posted: 14 Mar 2014 at 12:25pm
I'll get on the blower so
 |
Posted By: sausy
Date Posted: 14 Mar 2014 at 12:28pm
yep can be switched off monthly easily enough. But only as long as you're paying by Direct Debit. But cant speak for all banks. ------------- Bimbos Burgers - "Official Sponsor of the Irish Squad" |
Posted By: Sham157
Date Posted: 14 Mar 2014 at 12:41pm
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Posted By: Zinedine Kilbane 110
Date Posted: 14 Mar 2014 at 1:18pm
I always over pay my mortgage payments each month (even if it is fixed mtg they normally let you over pay 10% without any charges). Throw in an extra 50 or 100 a month whenever you can, its better than in the bank earning very little ------------- |
Posted By: greenforever
Date Posted: 14 Mar 2014 at 1:36pm
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On a 30 year mortgage fortnightly payments will save you 5 years 6 months off the term. You would be making the equivalent of 1 extra payment a year or 24.5 extra payments but knocking 66 payments off the term. ------------- I know nothing :-) |
Posted By: Hoosay
Date Posted: 14 Mar 2014 at 1:55pm
What's that all about? It's THE Naul.
Just because The Ukraine thinks it can just go around dropping its "the", doesn't mean everyone can do it.
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Posted By: Shedite
Date Posted: 14 Mar 2014 at 2:46pm
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This fornightly story has been doing the rounds for years. 2 big problems with it... a) Paying 500 a month fortnightly (26*500 a year) you're paying €13,000 a year, paying 1000 a month (1000*12) you're paying €12,000 a year. So it's not about the time you pay that makes the difference, it's the amount you pay.
b) Most banks don't allow it anyway. Have a look at the T's and C's of your mortgage, it states "monthly payments". Most banks won't allow you to move to fortnightly (loses money for them in interest, costs them more in transaction/admin fees etc)
http://www.irishtimes.com/blogs/pricewatch/2011/04/05/i-made-a-mistake/" rel="nofollow - http://www.irishtimes.com/blogs/pricewatch/2011/04/05/i-made-a-mistake/
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Posted By: Shedite
Date Posted: 14 Mar 2014 at 2:47pm
| That said, of course paying more than the minimum is always a good idea if you can. |
Posted By: greenforever
Date Posted: 14 Mar 2014 at 2:51pm
On a 30 year mortgage fortnightly payments will save you 5 years 6 months off the term. You would be making the equivalent of 1 extra payment a year or 24.5 extra payments but knocking 66 payments off the term. I doubt any bank in would actually refuse it ------------- I know nothing :-) |
Posted By: Baldrick
Date Posted: 14 Mar 2014 at 2:57pm
Its not just a story. As I said earlier. My Dad did it and he knocked 2 years off his mortgage. Obviously the shorter the term of the mortgage the shorter time you will knock off it. ------------- AKA pedantic kunt |
Posted By: Shedite
Date Posted: 14 Mar 2014 at 2:57pm
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Posted By: Baldrick
Date Posted: 14 Mar 2014 at 2:58pm
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The saving is not just because of it that is also because the interest is recalculated more often and therefore on a an ever decreasing sum so you are paying less interest. ------------- AKA pedantic kunt |
Posted By: greenforever
Date Posted: 14 Mar 2014 at 3:12pm
------------- I know nothing :-) |
Posted By: SuperDave84
Date Posted: 15 Mar 2014 at 12:17am
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Also, as pointed out before, most banks allow payments of about 10% extra without penalty. Long and short of it, if you can afford, go for it. It also means that, if you need to renegotiate a couple of years down the road, if rates go up, if you lose your job, if pay gets cut, etc etc etc, the banks are more liable to be amenable to you. -------------
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Posted By: Zinedine Kilbane 110
Date Posted: 15 Mar 2014 at 9:12am
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Also, the fortnightly payments is perfect if you get Paid fortnightly(or even weekly) It doesn't work if get paid monthly. ------------- |
Posted By: The GerK
Date Posted: 19 Mar 2014 at 6:02pm
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How do I know these fookers in the Estate agents are not bluffing me with the bids? |
Posted By: Baldrick
Date Posted: 19 Mar 2014 at 6:07pm
Bid against yourself and see what happens :) Tommy Tiernan did it and ended up in bidding war with himself :) ------------- AKA pedantic kunt |