I'm gonna git me a mortgage.

I’m gonna git me a mortgage. I don’t intend to buy straight away, I will be buying maybe late Summer 08 or further out. But if something comes on the market like a firesale of a new development I wanna be ready.

Firstly, anybody got tips on how to get a mortgage. Does, anybody have a good broker cause I know a bad one who shared buyers info with EA during the boom. I will not be giving people like that my business. Is a broker better than taking the time to apply to a number of indivdual mortgage lenders?

Secondly, does anybody know how you find out about distressed sales.
I figure you could read the courts manifest every Monday and keep an eye on a property that is being re possessed. Then at the appropriate time make an offer. :blush: (That seems a little personal though.)

Thirdly, is anybody doing the same or thinking of doing the same?

Aren’t mortgage offers only good for 6 months ?

So I suppose as soon as Revenue sends out your P60 in the New Year, you head in to your friendly :slight_smile: bank manager & lay out your demands while a trio of lovelies pour you some champagne & administor manicure & a head massage.

After all in the current climate I intend to make the most of my debt-free status :laughing:

Are we talking 100% or will you have a bit of a deposit handy?

All life is impermanence, and I still view mortgages as a punitive tax on people who fail to appreciate this.

Which isn’t to say I’ll always appreciate it sufficiently well to resist the siren call to conformity myself :stuck_out_tongue:

Got 140,000 Euro deposit. I am self employed (software devel contractor) and I get 400 euros per day.

I’m thinking of doing something similar.

Concentrating on houses that have been on the market for at least 6 months and dropped the price at least once.

But I have no intention of buying anything unless it is more than 30% below current levels

You’ll build a mega eco freidnly enclave with 140K in a few years where you can install a Broadband towner to work from home and shower the locals with super fast wireless BB in lieu of planning permission favours :wink:

I’ve only once enquired about this a little and it was about 2 years ago.

From what I learned, I think you have to get a statement of your earnings (and your partners if you have one). You bring that along to the bank. You tell them what you earn (backed up by the statement) and what you have saved. They then tell you what they’d be willing to lend you.

like I said though I only checked a little and it was a good while back.

Yeah. I reckon that too but I got two very young kids and we live in a tiny apartment and it’s killin me watching them with no decent place to live so I need to buy soon. :frowning:

I’m in a similar position, but my rate was lower from 2004 to 2006.
I got a mortgage from one of the two pillars, but they put me through the ringer. They wouldn’t even accept my certified accountant’s statement of my earnings so I had to show them documentation from the revenue, which only goes up until 2006, preliminary tax for 2007 doesn’t have any legal basis as far as I can see.

The CAB is the best for the ‘firesales’. :slight_smile:

Yeah, but when the bad man gets outta prison he’s gonna want his house back. :smiley:

I don’t have a certified accountant doing my books. In fact I pay them a lot but they seem to be a bunch of cowboys.
So I suppose I need to show my revenue statement. See, that brings up more problems cause I split out salary between wife and myself to avoid tax. I hope the banks can see through this and assess me on a single salary earner. That’s why a broker might be the best bet cause they seem to be able to pull strokes to get deals not normally available.
Incidentally, I will not use a Sub Prime. I’d rather do without a mortgage.

But for 140K, couldn’t you get a rock-solid lease on a lovely apartment/house that’ll last until well after their first communion? Then see how the land lies?

Can you be certain that there won’t be a steady migration of experienced pros in your specific software field? US$550 per diem is going to draw a significant number, if anything like those rates are sustained.

Are you so sure it won’t be the right thing to move your family to whatever place in the world offers the best opportunity. And are you certain you want to stake your freedom on a bet that the property market will have bounced back in 5 years time, and not be in a Tokyo scenario?

Spending under 200K to buy something adequate looks to me like smart thinking. But if you’re actually going to borrow to the hilt, that’s different.

I like to think that I’d gat a smallish or moderately-located house, and save the money so that I know for a fact that my kids can go to the world’s best university, and get a good start from me in their business (if self-employed).

Can you not apply for joint mortgage?

I understand the responsibility.

Might I suggest, which I’m sure you have considered and without out knowing your commuting requiremetns, location, property type and such like renting a nice 3 bed doens’t seem as impossible as it did 8 months ago. If you want to ride out the next 2 years in comfort, to wait-see for that bit longer.

Today there are DOUBLE the amount of houses in the Dublin area (1462) on Daft when I was searching about 6 months ago (750/800).

So choice is coming back to the prospective tenant. I have noticed amny 3 bed further searching daft hovering aroun fhte 1350/1450 average. So its not all bad. this is what I was paying 6 years ago for a 3 bed in the city. I can’t see rent continuing to rise with the current state of play.

Plus having a family will also stand to you as a potential responsible tenant to any landlord/agent I expect.

3 Bed City West, 1350pm

daft.ie/211918

Lucan 3 bed, 1350pm

daft.ie/210830

3 bed, Rathfarnham, 1450pm

daft.ie/213615

These are a quick snippets simply to illustrate things have changed, but I am sure you can find pretty good fit for your requirements and as a rule of thumb, houses usually have more space than the majority of Irish aparments especially when you consider the outside gardens.

The way I search is to short list 1-3 areas I’d really like and start with my primary and see how I get on, watch for weeks to dvelope a picture of the market and search accordingly. Takes time though, BB is a must.

Also I am sure there is a growing set of family friends who might be lookin to get a good tenant in for the while and this you usually can even get a discounted rate. Worked for me this time, temporary but worht availing of I thought. If the shoe fits!

Best Of Luck!

Yea, you’ve given me something to think about there. But even if the figures look good I will still be thinkin about owning a house. Roots and all. Guess I must have a lot of plant genes.

Not sure what you mean here.

The right pace at the moment is where my family is. We lived in the UK but returned cause my parents rarely saw the kids and I started to get that wierd feeling that only people who have lived abroad understand. It makes you think your country is waaaaaay better than it actually is.
If I was interested in just money alone then I would be working in London. Instead of the 400 daily rate I would be getting 900 Euros (jobserve.com/W00456F8AA2810712.job).
Fact is money doesn’t mean that much. I don’t drive a fancy car or anything like that. I want one thing. A nice maybe 4 bed home. And I’d like to stay in Dublin if I can. As long as I got my house then I’ll ride out the storm with the next guy.

I’m not gonna borrow to the hilt. That’s just out of the question. I refused to do that during the boom. There is no way I’m gonna do it now.
I need to get something for far cheaper than the current market to factor in the serious falls I know are coming. I reckon the only way that’s gonna happen for me is if I get a distressed seller. Or far better, a bank firesale of some bankrupted builders new estate. If I had my choice I’d pick one of those 4 beds in stocking wood. They are a ludicrus price of 700,000 or something now. Maybe a nice 300,000 firesale price would be nice.

Yip, that’s my thinkin too.

Yea, those prices look reasonable considering I pay 1575 for a 45 square meters at the mo. Thanks for that, I’ll have a look.
Thing is I’m not gonna fork out silly money. For most cases I’d be thinking of at least 30% off current prices. I probably won’t get it for a while though so circumstances will keep us where we are for a while.

Plus having a family will also stand to you as a potential responsible tenant to any landlord/agent I expect.
By the way disgusting as this may be the above is not true. If you check out ads. Some even say “no children”. When we returned from the UK we said we had kids to LLs and they plainly said Oh, No kids, sorry. It took us 2 months to get a place to rent cause we continously told LLs we had two kids. Eventually we lied and we got a place. I remember going to one place where three couples pulled up in the car park across the road. Each had kids. All went to see the same apartment as us while partner and kids remained in car. Each told LL they had girlfriend and no kids. Sick no?
My wife was shocked that in Ireland kids have no rights. You can’t put “No Nigerians” in an ad but you can put “No children”.

There have been no repossessions this year. Probably next year.
thepropertypin.com/viewtopic … ce47#41131

Not if everyone currently renting thinks like you, and believe me there are an awful lot of them, even though I keep getting shot down everytime I bring it up. You will always be competing with 000’s of others for the “right” house with people in the same situation - wanting to be home, wanting a place for the kids to play, etc. etc.

A drop over -57%?? :open_mouth: I’m sure that “would be nice” but Dream on. Referring to my previous point, those houses will be snapped up LONG before the prices fall anywhere even near that level.

This time next year, you might get an extra few thousand off an ideal house, but don’t expect 57% drops on decent houses!!! Ain’t going to happen! Sorry for the dose of reality, but best someone trys to keep your feet on the ground.

If you like a house and see it as a place where you can raise your family for the next 20 years, buy it and screw the market!! It’s either that or spend many a sleepless night wondering whether to hold off the ideal house, if someone else is bidding, will it be cheaper next year. blah blah blah.

Hmmm. Not quite. I specifically saved up my big deposit so I can still operate in a credit squeeze while others may not. Also I don’t believe most people are just holding off. I believe people quite simply can’t get a big enough mortgage to buy anything. So prices will come down. Then as you say people will return to the market. But I will be able to go that bit further and pay a little more. But by that stage houses will be good value and paying a little more won’t be a big deal. Also, it is worth saying that I will enter the market only if I think I am getting great value.I am not frothing at the mouth waiting to dive in.

I disagree. Once again it is not what people are willing to pay. It is what the banks are willing to lend. If a well paid couple get 75,000 and banks revert to the norm of 3.5 times salary then 262,500 is all they can get. These 4 beds are for professional couples so if they should be a bit above say 300,000. But lets see. I hope you’re wrong.

Are you for real? Even Jim Power is no longer bleating on about ‘fundamentals’ and has even said that HP could fall by 10% next year. If this transpires there will certainly be a hell of a lot more than just a few '000 knocked off the price that BB will be in the market for.