Why do we Bother!!!

[magickingdom]

its mental, social welfare should be a subsistence allowance period, anyone married with kids making under 50k is nuts for working

Were banks ever so bad that they where giving what I assume is a single wage a mortgage which required more than 50% of their wage a year in repayments. This story doesn't add up

?? didnt read the above example gnevin my point was on sw in general, its too much. they still didnt have the balls to cut it in the budget. some things drive me nuts like the uproar over free medical cards for everyone over 70, why anyone would argue that everyone no matter their worth should have free medical is beyond me

[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

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

I was looking at the 1500 / month  but either way muppet there is no way you would 10 times your wages even in the crazy times much less the 480K or 720K

[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 .

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

I didn't say it was impossible either just said the figures didn't quite add up.

[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

I was looking at the 1500 / month  but either way muppet there is no way you would 10 times your wages even in the crazy times much less the 480K or 720K

I agree, but I have heard of it happening.

[tyronefan]

jez  it is any wonder the country is in the shape it's in