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 Post subject: Raising Deposits
PostPosted: Sat Jan 24, 2015 12:41 pm 
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Migrant

Joined: Jan 20, 2015
Posts: 1
Hi all,

I've a property with c. 40% of equity and in the current circumstances banks will only provide equity release for home improvements.

Buy-to-lets now require 25% deposit.

Is there alternative ways of raising deposits? (not looking to raise the full deposit just a portion of it!)

Any feedback is appreciated.

Fuddy.


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 Post subject: Re: Raising Deposits
PostPosted: Sat Feb 21, 2015 5:24 pm 
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Planning Tribunal Attendee
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Joined: Feb 6, 2008
Posts: 1197
Location: County Galway/Poland
You can save use product called regular saver account, it allows you to make small monthly contributions that get accumulated overtime and can be used for deposit. You will also earn small interest.


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 Post subject: Re: Raising Deposits
PostPosted: Sat Feb 21, 2015 6:24 pm 
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Nationalised
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Joined: Feb 9, 2010
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Fuddy - never mind September, he's not originally from Ireland and therefore has crazy foreign ideas about saving your way to wealth rather than borrowing your way there.


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 Post subject: Re: Raising Deposits
PostPosted: Sat Feb 21, 2015 7:29 pm 
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Real Estate Developer

Joined: Nov 20, 2014
Posts: 986
Regular saver accounts now pay peanuts for interest and what little interest you do gets taxed at an insane rate


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 Post subject: Re: Raising Deposits
PostPosted: Sat Feb 21, 2015 7:54 pm 
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Too Big to Fail

Joined: Sep 13, 2012
Posts: 4453
satechi wrote:
Regular saver accounts now pay peanuts for interest and what little interest you do gets taxed at an insane rate

Financial repression! Where's our risk-free rate of return? It's no wonder we're forced to become rentiers and speculators.

_________________
"It's easy to confuse what is with what ought to be, especially when what is has worked out in your favour"
Tyrion Lannister


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 Post subject: Re: Raising Deposits
PostPosted: Thu Mar 05, 2015 9:37 am 
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Planning Tribunal Attendee
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Location: County Galway/Poland
satechi wrote:
Regular saver accounts now pay peanuts for interest and what little interest you do gets taxed at an insane rate


I think he is just looking to raise money for deposit, not to make great investment - those accounts pay over 100% of what you paid in and government allows you to keep gains from deflation tax-free. There are two advantages, first is ability to save very small amounts of money as transaction costs are near zero, second is that return is guaranteed by all people in Ireland.


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 Post subject: Re: Raising Deposits
PostPosted: Thu Mar 05, 2015 9:46 am 
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Speculator

Joined: Jan 4, 2012
Posts: 468
September wrote:
satechi wrote:
Regular saver accounts now pay peanuts for interest and what little interest you do gets taxed at an insane rate


I think he is just looking to raise money for deposit, not to make great investment - those accounts pay over 100% of what you paid in and government allows you to keep gains from deflation tax-free. There are two advantages, first is ability to save very small amounts of money as transaction costs are near zero, second is that return is guaranteed by all people in Ireland.


Or even better Nationwide UK Ireland pays 4% on regular savings and is guaranteed by all people in the UK!


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