The address:15 Long Meadow, Islandbridge, Dublin 8.
The agent:Sherry Fitzgerald.
The property:third floor three-bedroom apartment with 76sq m (818sq ft) of living space for €465,000.
The landscape:Long Meadow is a relatively new and low-rise apartment scheme on Conygham Road. It's in striking distance of the city centre and close to the Phoenix Park and the River Liffey.
The features:this modern apartment is in walk-in condition and benefits from views over the park. Accommodation includes a spacious livingroom, kitchen and three bedrooms (two doubles and one single). Management fees are €2,000 a year. Two underground car-parking spaces come with the apartment.
How much for an investor to buy?at Bank of Ireland's investment tracker mortgage rate of 4.8 per cent APR, the monthly repayment will start out at €2,381.27 over 25 years, based on the maximum loan of 90 per cent of the asking price, or €418,500.
On an interest-only basis (for the first seven years), the maximum loan will be 85 per cent of the price, or €395,250, giving a monthly repayment of €1,565.19.
How much for a residential buyer?a first-time buyer opting for a 100 per cent loan would pay €2,152.95 a month over 35 years, based on Bank of Ireland's one-year discount tracker. A buyer who is trading up will initially pay €2,314.40 a month over 25 years, based on a 92 per cent loan.
Potential:this apartment should get around €1,600 a month in rent, according to the selling agent.
Verdict:if the potential rent can be secured, interest-only investors will be able to fully cover their mortgage during the discount interest rate period.
Calculations by Bank of Ireland
- Fiona Tyrrell
