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Are you selling?

You can advertise a house for sale here too - for less than the cost of a single day in the paper.
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Don't pay tourist rates for foreign exchange. A specialist foreign currency dealer can give you a far better rate and save you a lot of money.

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Holiday home and ex-pat insurance is just so much easier to arrange if the policy and claims are in your own language.

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How much will the mortgage repayments be?

Use this mortgage calculator to get an idea of what a loan of a given size and at a particular interest rate will cost in monthly repayments
How much do you want to borrow?
Interest rate: % Click for current rates
Over what period?   years
   
Interest only mortgage monthly payment:
Repayment mortgage monthly payment:
NOTE: with an interest-only mortgage you will also need to take out an investment policy designed to pay off the capital sum at the end of the loan period
For a more accurate assessment of what you can borrow and what it will cost, drop an email to MoneyBack Mortgages or fill in the online mortgage application
Here is an alternative calculator set up for Australian visitors by HSBC Australia

Repayments

Mortgage repayments are not really under your control.

For the last 10 years, mortgage interest rates have been low, generally less than 5%.

Interest rates can and have been over 20%.

Mortgage rates can rise for all sorts of reasons beyond your control.

This is a risk you need to be aware of but it shouldn't rule your life!

It is likely that if mortgage rates rise, it will be accompanied by inflation in earnings so your ability to repay should stay the same.

Borrowing

Generally in a low interest-rate economy, it's probably best to borrow as much as you can get (on a mortgage, that is!).

The reason is that mortgage borrowing is usually the cheapest borrowing you will get because the lender's risk is lowest on mortgages.

In a rising housing market, you can expect the increase in value of the house you bought to outstrip the cost of repayments.

Therefore, if you have 10k spare after allowing for the deposit and fees, you would be better off to borrow the maximum you can and use the cash saved for carpets, furnishings, etc.

How much can you borrow?

Use this calculator to get an estimate of how much you might be able to borrow. This varies from lender to lender.
Annual salary for first applicant:
Annual salary for joint applicant:
Regular bonus or other income for first applicant:
Regular bonus or other income for joint applicant:
This is typically how much you could borrow:
You might be able to borrow this much:
Figures are subject to validation of income, credit checks and property valuation.
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Irish property