The address: 22 Springhill Park, Killiney, Co Dublin.
The property: three-bed 1960s semi with 125sq m (1,344sq ft) – including the garage – and 16.1-metre (53ft) rear garden for €575,000 (down from €625,000 after three weeks on the market while the house is on open view this Saturday, noon to 1pm). The interior is dated but there is potential to extend to the side and in the attic, subject to planning permission.
The agent: Lisney.
The landscape: off Killiney Road, Springhill Park is in a well-established and affluent residential area. Dalkey and Killiney villages are within walking distance, as is Glenageary Dart station and Killiney Hill. There is a good selection of schools nearby too.
How much for an owner-occupier? A first-time buyer could borrow 92 per cent of the price, or €529,000, with AIB over 35 years. This leaves them requiring equity input of €46,000. A single first-timer would require a salary of €98,000 while two buyers need minimum incomes of €40,000 each. At AIB's one-year fixed rate of 2.4 per cent (APR 2.52 per cent), the repayments would be €1,862 a month. Repayments at AIB's variable rate of 2.9 per cent (APR 2.94 per cent), available where the loan-to-value (LTV) rate is greater than 80 per cent, would be €2,005 a month.
How much for an investor? The maximum loan considered by AIB for an investment property is 85 per cent of the value, with up to 100 per cent LTV for portfolio investors, subject to the overall LTV of the portfolio not exceeding 75 per cent. The maximum term is 25 years.
At 85 per cent LTV, the mortgage required is €488,750, leaving an equity input of €86,250, plus stamp duty of €31,500. At AIBs buy-to-let two-year fixed rate of 3.6 per cent (APR 4.16 per cent), monthly repayments would be €2,468. On an interest-only basis monthly repayments are €1,711 (based on a variable rate of APR 4.27 per cent).
Potential?The house would rent for around €1,600 a month, according to the agent.
Verdict?Suits a first-time buyer looking for a house with space to extend.
Calculations by AIB
– Justin Comiskey
