A real estate agent says that the average sale price of a house in the UK is around £500,000 ($740,000).
But with a low interest rate, the agent said that the actual cost of the sale would likely be less than that.
“With a mortgage of just £200,000, the house could fetch up to £2 million, which would mean a mortgage payment of just under £500 per month,” the agent wrote.
According to the Real Estate Institute of Ireland, the average annual mortgage interest rate in Ireland is 4.5 percent, and the average monthly payment is €2,664.
The agent said he was confident that his clients would be able to pay off the mortgage without a mortgage.
“The average payment on a first home is less than the average mortgage payments of people with mortgages,” the source told The Lad.
“So, in many cases, people are looking for cheaper loans than are offered by banks.”
In the US, a person with a home equity line of credit of $50,000 or less can borrow up to $1 million and can pay it off over 30 years.