Apartment mortgage costs same as 20-a-day habit

LOOKING for a reason to give up the dreaded cigarettes?

How about a two bedroom apartment located less than an hour outside Dublin city centre?

New apartments in Mullingar are soon to be put up for sale for just €82,500.

This means that with interest relief, a 30-year 92% mortgage (at a rate of 2.65%) would cost you just €264.85 a month – the same price as a pack of 20 a day for one month

The apartments at Tailteann Court are believed to have been initially put on the market for as much as €220,000. Director of the Irish Mortgage Corporation Frank Conway, who is assisting with the sale said 92% financing is available from Bank of Ireland, AIB and EBS.

“Certainly with values such as this, it is increasingly difficult to see prices going much lower. We have clearly broken the €100,000 price level for properties in major towns and the repayment is among the lowest I have seen.

“If we compare this to a car finance payment, let’s say they borrow €15,000, interest rate 10%, four-year loan, the repayments would be €380.44,” he said.

Mr Conway went on: “If you buy a pack of 20 cigarettes per day for one month this would cost €263.50. For just over €1 more, you could own a two-bed property,” he said.

There are 63 apartments for sale and the first block of 28 are being launched this weekend. Prices start at €69,950 for a one-bed 48sqm property.

The apartments are located close to the railway station and are about five minutes walk from the town centre.