Mortgage Interest Relief - The Dead Cat?

I’m scared to buy and scared not to buy. I’m getting old, kid getting old, wife being insufferable, want out of shitty over-expensive rental - there’s no chance in the area to get anything better or anything much cheaper. Will waiting longer mean no MIR? Balanced by further reductions? The other depressing thing is that despite the falls the property available at my price is by and large crap. Even pushing the boat out, still seeing absolute dumps which are beyond my range. Getting sick of it TBH.

+1 Terra.

If we go back to the basic economic principles of supply and demand, we know that lack of supply and high demand will increase prices. If you go along to the viewings of good family homes in good locations (SCD in this example) you will see that there are up to 30 young couples expressing interest in these houses. Some are more than willing to move into the house in its current state, which more often than not these days is pretty poor condition. Whether they are ftb’s or trading up, the most important thing is to secure the property. Perhaps it is called panic buying, or maybe they can see that for the first time, they can actually afford a house in their preferred location, but whatever their reasons, it is very difficult to see that level of demand falling any time soon. They are either fed up renting or have outgrown their apartment. MIR is only worth €900 per year to non ftb’s so I cannot imagine that this is the main driver behind their decision.

I had no idea the pin was such a gentleman’s club … I’ll get my coat. XD

I personally think that MIR won’t be extended this budget for anyone buying from 2013 onwards. I can’t see there being much of an outcry if it’s not extended and it has been flagged that it won’t be. I think the reason it was extended in the last budget was that it was the new governments first budget and they promised to help people with negative equity mortgages (through increasing MIR) and they just tacked on an extra year for 2012. If they extend it for people in 2013 onwards the people in negative equity will be asking what are you doing to help them. It’s not in the governments interest to extend MIR.

Just curious. What particular skills are lacking here - for both hands on and management types - a list would be handy for upcoming graduates.

Skills needed at the moment? Well lots, list off the top of my head

Developers all areas, both front end and back end.
UX professionals
App developers and designers
Tablet android iphone, designers and developers
Responsive web designers
HTML5 developers and designers.
Project Managers with experience of large scale projects.

All the app and tablet stuff is relatively new so everyone is looking for people who have experience, and again all the HR functions etc that go with these roles.

Junior level salaries kick off at about 30’000 going up to over 100’000, easily, but I must stress you really have to be good and know your stuff, I’d probably call in 2 out of every 50 cv’s I’d receive.

Hope that helps.

Your description makes me depressed for you. :cry:
And I’m angry that many people’s idea of a return to normality is to hike the price of Dublin shitboxes back to mid-2000s levels.

To be honest this is why we’re moving outside Dublin (Gorey, I work in south dublin and currently commute from near the airport) the travel is the same, like I said previously we looked at houses in Rathfarnham, Terenure Cabinteely, Churchtown, Clontarf, Shankill and Sandyford, all through the year, the quality earlier in the year I suppose you would’ve called acceptable but as the year’s gone on it’s gone downhill, with lots of people turning up for viewings.

The houses aren’t great, but as far as Dublin goes, they’re probably the ‘safe places’ to live bringing up a family etc. Neither myself or my partner are from dublin so it’s more like us moving back closer to home so there isn’t the whole missing dublin thingy as much as if we were from here. Of course the other plus is that we’re getting a giant 232sq meter detached house for a ridiculously low amount compared to Dublin, so definitely a house for life.

This is the revenue link to MIR:

A stupid question, but here goes. For an unmarried FTBer the ceiling is 3000 and the rate of relief is 15%.

Does this mean you get an effective reduction of 3000*15%=450 on your mortgage interest costs per annum until 2017?

Hmmm. Well that covers the entire gamut of IT as a profession in a vague HR manager sort of way. I could have, with zero knowledge of the IT industry, pulled those titles and range of salaries off any job posting site. I was hoping for specifics. What skills/technologies in Ireland in particular are in demand by employers, and what are the noted gaps (oh say a gap analysis type thing would be useful and appropriate and presumably on your desk). This information would inform not only those in the industry seeking advancement, but also those studying who could perhaps focus their thesis/final year projects in a particular direction with a view to being hired by purported hiring companies. It would also inform anyone considering changing career.

You say that you respond to 2 of 50 responses to openings. I find that extremely hard to believe given the feedback I have from my own contacts in the business. While this statement is anecdotal, I state that people I know, tend to get called for interviews even if their skills are not entirely specific to the job posting. Can you provide details as to the nature of your specialty?

I am very curious. Seriously.

edit: spelling shame

These are the reasons why I bought my house in SCD last May, for me there was also a gamble of weather the kids will be accepted to a descent local school, I was also fed up with the nagging (from my in laws mostly) and overall I’m quite happy with the choice I made as my mortgage is now cheaper that the rent I was paying.
Rental property in general is shocking as I’ve seen people pay 1500 and 1700 for houses in pretty bad shape claiming that it was the best at the time for these prices.
I myself rented nice small houses in the nicer parts of Dublin (Clontarf and Raheny) before we had kids.
BTW, without MIR it wouldn’t made the decision to buy harder (as I was getting the 700x2 odd a year rent relief in my tax credits.

I also work in IT and I believe that jasperowon gave you a pretty accurate description of what is needed in the market, he’s just missing Cloud computing experts (doesn’t say anything to most people I know, but IT people should know), but In general someone with 3-5 years experience with either or both Hyper-V / VMware platforms is in high demand at present.
My wife and I are both “non nationals”, she works as a web developer and I’m in the network/cloud/infrastructure design field, there are many well qualified and skilled Irish employees, they tent to be promoted quickly to managerial roles (probably since they’ve worked in the field and in the country/uk for longer than most non nationals) so the demand is mostly for skilled workers which in turn drives the pay up.

One thing about IT, IT workers tend to have an early expiry date on them (40s to 50s). Unless you’ve all the time in the world to keep training constantly and the luck of not betting on the wrong horse in terms of trends in the market than don’t bother as it’s a cut throat industry and is probably not for someone who’s not passionate about IT.
Also, you’ve asked about salaries, from our recent experience: PHP/Java Perl web developers: 45k - 85k common basic pay, cloud computing 55k-85k.

Don’t want to derail the thread, but IT is a huge area, as Arik V has pointed out, cloud computing is an area I’m aware of but at the tiniest level, I specialise in design and frontend, so any cv’s I receive without a link to a website go in the bin, any one who wants to work in this area, should have that at the very least. On from that it’s very easy to judge what a persons work is like by looking at their site, so if it doesn’t match up to expectations easily rejected, so that’s where the 48 rejections come from.

I worked in IT for a lifetime. Executive level. I do know what I am talking about. The descriptions provided are vague.

I think the original poster is a shill.

IT is crazy amazing! I am making a fortune but I am fierce brainy! Quick buy a house!!

Who me?

Nope, think he means me, ah the pin paranoia it’s quite funny actually. Ever did I see myself on this side of the argument, but oh we’ll anyway…

Point number 1 Fireflynn I’ve said what I do and what area I work in, and just to clarify I head up a major department in one of the biggest companies in Ireland in the IT industry.

Point number2 you my friend have not said anything except some vague reference to being an IT executive (doing what, repairing pc’s? Network engineer? Programmer? Database admin? Design?) and saying the jobs were vague. H’mm far as I know they’re the people I and others are looking for within the field I work in.

Point number4 what I said, after kindly answering your enquiry mind you ( I didn’t have to) was supported by another poster.

Point number5 I’m not a shill, and personally couldn’t care less what you do with your money, buy a house, don’t buy a house, I don’t care, give it to the cats home.
I gave my opinion on what I saw happening when viewing houses and why I’ve decided to buy after years of holding out.

Now Fireflynn I hope that puts you at ease. (oh and don’t believe all the hype about HTML5 it’s not quite ready to take over from flash just yet)