buying in ireland ?

HEADABALL

i currently have a mortgage with NR with my fiance ,we have now gained consent to let from them and found a reliable tenent ,which covers the mortgage and a little extra .

we are moving to dublin at the end of summer and looking to purchase a property ,would just like to know how having an existing mortgage will effect buying a property in R.O.I will we require a much larger deposit ?(dads willing to put up some cash for deposit so we dont have to rent for too long ,looking to rent for no more than a year)

Pobby

Hello Headaball. I hope you have looked at prices in Dublin. I think they are scary. From what customers tell me, Dublin is in the grips of a real housing price crisis. I would suggest renting there for a while. I see no reason that property prices will not fall a long way yet.

katie2015_2

hi headaball, im in the same situation as you i live in the north of ireland and am currently looking a houses in the rebublic to buy. things look a but better there for first time buyers, ESB building society have just got a recent cash insentives for FTB, but i don't know how that would work for you, with a clean credit rating and good earnings you can get a 92% mortgage, the other benefits is there is no stamp duty, the interest rate in EBS is currently 2.88% and they are exspecting this to fall again, the other benefit of buying in the south of ireland but again i think this is for first time buyers only is that you get 7 years tax relief. this works out around 90 euro on a 145.000 mortgage.

the other side of the coin is that things like road tax are much dearer, but ireland a lovley plae to live, good luck in the future

katie

katie2015_2

sorry didn't realise you asked, if already having a mortage will effect you, hope some of this info is still useful

karie

you would be crazy to buy in dublin right now.
i am from ireland and can tell you many horror stories of friends back home who bought at the peak at prices that would make your stomach turn.

unemployment is soaring, repossessions are yet to even hit.

the uk and irish situations are not on the same scale. ireland is in a far worse state.

my brother is a commercial property valuation surveyor in dublin and he believes the irish property crash is years from over.

rents have fallen quite a bit... you have a mortgage in england to deal with... rent for a few years and watch prices fall and fall in ireland. overpay your english mortgage, save, and in a few years you will be very glad for it.