Climbing the ladder
Saving money for a house deposit can be a daunting task, particularly for those new to the game – Central Bank rules require first time buyers to have a 10% deposit on properties up to €220,000. And, with rental, food, transportation and many other demands made of your salary each week or month, you might wonder how exactly you’ll ever get your foot on the property ladder.
To help you do just that, this week the Irish Independent’s Frank Conway offers a detailed step by step guide on how you can save for those big money purchases (and a rainy day fund), from putting a proper plan in place to the reasoning behind automated savings.
“Even when life events take hold, having a healthy financial cushion that covers short-term and long-term financial needs will place families in a far stronger position. It means that they can weather financial storms better and protect their homes, their wealth and their families,” says Conway.
In other, related news, The Irish Times reports that a change in mortgage rules could be made by the Central Bank should it be required, citing a Bloomberg television interview with the Central Bank’s deputy governor, Sharon Donnery. Alongside the requirement to hold a deposit of 10% for the first €220,000, and 20% for the remaining cost, first time buyers are limited to borrowing 3.5 times their gross annual salary, though exceptions can be granted in certain circumstances.
Virgin Media discounts
Finally, Bonkers.ie reports on Virgin Media’s plan to introduce discounts for both new and existing customers. Beginning this week, new customers who avail of the triple play package (broadband, TV and phone) will save €50 per month for the first six months of their contract, while existing customers with that package will save €20 per month for four months. Bonkers.ie writer Mark Whelan provides a handy breakdown of what exactly is on offer.