Scrambling to save for, and buy, that first home: a how-to guide
this week show that the proportion of owner-occupied dwellings has fallen from 70 per cent to a still-high 66 per cent over the last 11 years. Since 2016, there was a 1 per cent fall in houses owned with a mortgage and an 11 per cent rise in those owned with no mortgage. At one end of the market, younger people are scrambling to get on board; at the other, the older generation is paying off its loans and seeing its wealth rise as house prices rise.
A buyer with an income of €80,000 could just about make it to the €375,000 new home average, with assistance from the Help-to-Buy scheme. Any lower makes it impossible unless the buyer qualifies for, and wants to avail of, the new State shared equity scheme which we will look at below. Buyers must also show they can repay as borrowing costs rise and higher interest rates are reducing affordability. Banks now have to “stress test” mortgages to ensure borrowers can afford to repay at a rate of about 5.5 to 6 per cent. This can be a high bar for those where income levels are tight.
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