Address: 4 Ardoyne Mews, off Pembroke Park, Dublin 4.
Agent: HOK Residential.
House type: two-bedroom mews for over €925,000.
What do you get? A 102sq m (1,100sq ft) mews in an exclusive development of eight houses. Architect-designed, it has high ceilings, wooden floors, a Siematic kitchen, underfloor heating, floor-to-ceiling windows, a utility room and a south-facing decked terrace perfect for alfresco dining. There is also ample car-parking.
Set in well maintained mature gardens beside Herbert Park, it has understairs storage in the hall, custom-designed oak shelving, and a staircase with a glass screen. The main bedroom has an oak fitted wardrobe and a shower en suite.
How much for an investor to buy? Based on an 80 per cent mortgage at a 3.6 per cent investment tracker rate, the monthly repayments over 20 years would be €4,325.69 and over 25 years would be €3,740.11. If the customer opted for an interest-only loan for the first 10 years, Bank of Ireland would lend a maximum 70 per cent. Based on an investment tracker rate of 3.6 per cent, repayments per month for the first 10 years would be €1,780.63. After 10 years monthly payments revert to a repayment mortgage over a maximum of 15 years at prevailing repayment rates at the time.
How much to buy? For both first-time buyers and existing customers, Bank of Ireland will lend a maximum of 80 per cent of the purchase price. Based on a tracker rate of 3.3 per cent, the monthly repayments (not allowing for tax relief) over 25 years would be €3,622 and over 35 years would be €2,969.39.
Single income required: to qualify for a loan of €740,000 a single person would need to earn circa €148,000.
Joint income required: joint borrowers would need a combined income of circa €164.500.
Service charge: €2,500 per annum.
Stamp duty? €83,250 for investors, trader-uppers and first-time buyers.
Potential: Dublin 4 is a prime corporate letting territory and a mews in such an exclusive development should fetch in the region of €2,000-€2,500 per month.
Verdict: probably more appealing to a cash-rich investor looking for long term capital growth.
Calculations by Bank of Ireland
