The address: 33 Millbrook Court, Dublin 8.
The property:two-bed first floor apartment for €295,000.
The agent:Savills.
The landscape:number 33 is one of around 40 apartments in Millbrook Court. It is off Mount Brown, beside St James's Hospital. The scheme is in striking distance of the city centre thanks to the Luas stop in St James's.
The features:swanky fit-out with mahogany floors, heritage paints and wallpapers throughout. It has 58sq m (625sq ft) and includes two double bedrooms, a bathroom with antique-style sanitary ware, kitchen and entrance hall.
How much for an owner-occupier?A first-time buyer borrowing 92 per cent of the price would require equity of €23,600. A single first-timer would require a salary of €48,000 to fund this mortgage over 35 years while two individuals would require minimum incomes of €25,000 each. At AIB's one-year fixed rate of 2.49 per cent (APR 3.24 per cent) the repayments on a mortgage of €271,400 would be €969 per month.
How much for an investor?The maximum loan considered for an investment property by AIB is 85 per cent of the value, with up to 100 per cent LTV considered for portfolio investors (subject to overall LTV of the portfolio not exceeding 75 per cent) and the maximum term is 25 years. The mortgage required at an LTV of 85 per cent is €250,750, so investors need an equity input of €44,250. At AIBs buy-to-let two-year fixed rate of 3.8 per cent (APR 4.41 per cent), the repayments would be €1,294 per month. The repayments on an interest-only mortgage would be €930 per month (based on a variable rate of 4.45 per cent/APR 4.53 per cent).
Potential?The apartment will rent for around €1,200 a month. It comes with one designated car-parking space and maintenance fees are €940 per annum.
Verdict:While the mortgage repayments would be steep for an owner-occupier, the location means that it is always likely to rent easily.
Calculations by AIB
