Why do we Bother!!!

[rosnarun]

A lot of benefits are being paid by the state that should be cut out completely (eg €150 for 'ethnic' hairdo's in navan).

thats the Problem with these discussion , they break down to naked racism almost immediately. that is a reprehensible remark .

[Gnevin]

A lot of benefits are being paid by the state that should be cut out completely (eg €150 for 'ethnic' hairdo's in navan).

thats the Problem with these discussion , they break down to naked racism almost immediately. that is a reprehensible remark .

Agreed. No need for that sort of comment

[muppet]

Just thinking about this .
Do the figures given make sense?

35,000 lets assume no tax
18,000 P/A mortgage

17,000 Left
5,200 or 100 P/W food very low by the way

11,800
10,400 or 200 P/W electric and heat very low by the way

1400 left
For Car,Golf, School books, kids stuff etc ?

Am I missing something .  Surely his wife is on something or someone is lying about his gross or the figures?

If he is getting €1,200 a month to cover his mortgage Interest at current rates his mortgage would be well over €500,000. Seems a bit odd for a guy earning €35,000.

[Gnevin]

Just thinking about this .
Do the figures given make sense?

35,000 lets assume no tax
18,000 P/A mortgage

17,000 Left
5,200 or 100 P/W food very low by the way

11,800
10,400 or 200 P/W electric and heat very low by the way

1400 left
For Car,Golf, School books, kids stuff etc ?

Am I missing something .  Surely his wife is on something or someone is lying about his gross or the figures?

If he is getting €1,200 a month to cover his mortgage Interest at current rates his mortgage would be well over €500,000. Seems a bit odd for a guy earning €35,000.

Muppet , how much would you expect a person to be earning to get a 500k mortgage? Ball park will do?

[lynchbhoy]

A lot of benefits are being paid by the state that should be cut out completely (eg €150 for 'ethnic' hairdo's in navan).

thats the Problem with these discussion , they break down to naked racism almost immediately. that is a reprehensible remark .

whatever about racism, do you think we the taxpayer should be funding that kind of thing?

it is an example of how the whole scheme of payouts shoul dbe addressed, restructured etc.
these kind of mad payouts, money for cars etc shoul dbe stopped plus the dole cut in half.
people get their bills and medical cards paid for etc, a lot of the dole families I know have the large plasma tv screens that the paye working people cannot afford.

nothing racist about it, I want wholesale cuts to the welfare system and whoever is receiving it.
The needs to be more stringent controls over it too.
I know of people that who were away for australia for a couple of years and their sister in law's were collecting their dole money for them, and vice versa when that same sister in law went away travelling and the first person was back from oz.

All of this is wrong imo, I dont care if you call me snob, racist, right wing or whatever as I dont think I am any of these, I am however pretty pissed off with the grab all types and the inefficient departments in the public/civil service

[muppet]

Just thinking about this .
Do the figures given make sense?

35,000 lets assume no tax
18,000 P/A mortgage

17,000 Left
5,200 or 100 P/W food very low by the way

11,800
10,400 or 200 P/W electric and heat very low by the way

1400 left
For Car,Golf, School books, kids stuff etc ?

Am I missing something .  Surely his wife is on something or someone is lying about his gross or the figures?

If he is getting €1,200 a month to cover his mortgage Interest at current rates his mortgage would be well over €500,000. Seems a bit odd for a guy earning €35,000.

Muppet , how much would you expect a person to be earning to get a 500k mortgage? Ball park will do?

Nowadays you would need to be earning well over the €100,000. Even at the height of the boom I don't think many banks were giving mortgages of 14 times people's income.

If the rate was 4% over 40 years his mortgage would have been over €2,000 (€2,200 over 35 years) a month or €24,000 p/a. Tricky for a guy on €35,000 with 4 kids. 

[Gnevin]

Just thinking about this .
Do the figures given make sense?

35,000 lets assume no tax
18,000 P/A mortgage

17,000 Left
5,200 or 100 P/W food very low by the way

11,800
10,400 or 200 P/W electric and heat very low by the way

1400 left
For Car,Golf, School books, kids stuff etc ?

Am I missing something .  Surely his wife is on something or someone is lying about his gross or the figures?

If he is getting €1,200 a month to cover his mortgage Interest at current rates his mortgage would be well over €500,000. Seems a bit odd for a guy earning €35,000.

Muppet , how much would you expect a person to be earning to get a 500k mortgage? Ball park will do?

Nowadays you would need to be earning well over the €100,000. Even at the height of the boom I don't think many banks were giving mortgages of 14 times people's income.

If the rate was 4% over 40 years his mortgage would have been over €2,000 (€2,200 over 35 years) a month or €24,000 p/a. Tricky for a guy on €35,000 with 4 kids. 

Cheers Muppet I know something didn't quite add up in the figures .

[muppet]

Just thinking about this .
Do the figures given make sense?

35,000 lets assume no tax
18,000 P/A mortgage

17,000 Left
5,200 or 100 P/W food very low by the way

11,800
10,400 or 200 P/W electric and heat very low by the way

1400 left
For Car,Golf, School books, kids stuff etc ?

Am I missing something .  Surely his wife is on something or someone is lying about his gross or the figures?

If he is getting €1,200 a month to cover his mortgage Interest at current rates his mortgage would be well over €500,000. Seems a bit odd for a guy earning €35,000.

Muppet , how much would you expect a person to be earning to get a 500k mortgage? Ball park will do?

Nowadays you would need to be earning well over the €100,000. Even at the height of the boom I don't think many banks were giving mortgages of 14 times people's income.

If the rate was 4% over 40 years his mortgage would have been over €2,000 (€2,200 over 35 years) a month or €24,000 p/a. Tricky for a guy on €35,000 with 4 kids. 

Cheers Muppet I know something didn't quite add up in the figures .

I didn't say it was impossible! Some crazy loans were handed out. 

[ludermor]

but if he was on a tracker then the current interest would be only 1.5% so i doubt it would need to be that much of a mortgage?

[muppet]

but if he was on a tracker then the current interest would be only 1.5% so i doubt it would need to be that much of a mortgage?

The letter said his interest was €1,200 a month.

You are saying that if he had a tracker at the current interest rate of 1.5% = €1,200 p/month.

1200 x 12 months =(Mortgage x1.5)/100

Mortgage= (1200 x 12 x 100)/1.5 = €960,000 which I would say is unlikely. 

[ludermor]

but if he was on a tracker then the current interest would be only 1.5% so i doubt it would need to be that much of a mortgage?

The letter said his interest was €1,200 a month.

You are saying that if he had a tracker at the current interest rate of 1.5% = €1,200 p/month.

1200 x 12 months =(Mortgage x1.5)/100

Mortgage= (1200 x 12 x 100)/1.5 = €960,000 which I would say is unlikely. 

But if he bought in the last year or two ( i havent read the article) then the interest would be the vast majority of his monthly payment ( over 90%?) so if his total payment was say 1400 it would make it more affordable or am i missing the point completely?

[muppet]

but if he was on a tracker then the current interest would be only 1.5% so i doubt it would need to be that much of a mortgage?

The letter said his interest was €1,200 a month.

You are saying that if he had a tracker at the current interest rate of 1.5% = €1,200 p/month.

1200 x 12 months =(Mortgage x1.5)/100

Mortgage= (1200 x 12 x 100)/1.5 = €960,000 which I would say is unlikely. 

But if he bought in the last year or two ( i havent read the article) then the interest would be the vast majority of his monthly payment ( over 90%?) so if his total payment was say 1400 it would make it more affordable or am i missing the point completely?

The article said his interest at the moment was €1,200 a month out of a total monthly payment of €1,500.

I would say that the interest rate cuts haven't been passed on or the facts are from a few months ago in which case the €1,200 could equate to a 3% rate or higher. That would mean a smaller mortgage, but still would put it around €500,000 which would be crazy for a guy on €35,000.

[tyronefan]

why are you assuming this was a 40 year mortgage ,  most mortgages are 25 - 30 years  which would leave his house which would leave his house around 300 - 350K

still crazy on 35k a year

[muppet]

why are you assuming this was a 40 year mortgage ,  most mortgages are 25 - 30 years  which would leave his house which would leave his house around 300 - 350K

still crazy on 35k a year

The term makes no difference to the interest.

€1,200 a month interest @ 4% equates to a €360,000 mortgage

€1,200 a month interest @ 3% equates to a €480,000 mortgage

€1,200 a month interest @ 2% equates to a €720,000 mortgage

[ludermor]

oh no doubt even 300k would be crazy on a 35k wage but the banks were a joke. I remember about 4 years ago going to a broker asking what i could afford, my basic was 48 at the time. By the time i had left the broker had me convinced i could a mortgage of nearly 500k taking into account bonus and expenses. And the thing is i nearly considered it at the time but while i might have been able to afford it renting a room if i had it when the rates went up last year i would have been fucked.