Would we qualify for a mortgage?

T

tronman

Registered User
Messages
42
Hi,

We're looking to buy our first home but are unsure if we'd qualify for a mortgage. My salary is 42,700, my wife's is 16,700 + overtime. Total = 59,400.

We have 24,700 saved in the credit union. Bank Loan of 4,000 outstanding. We are first time buyers, both 28 years old.

Do you think we'd qualify for a mortgage and what is the most we could borrow? Hoping to borrow around 275k if possible.

Any advice would be greatly appreciated!
 
Tronman,

€275,000 over 30 years at 6% would have monthly repayments of around €1650 per month.

Are you paying rent and/or saving at least €1650 per month?

€275,000 is 4.6 times salary - you are unlikely to get approval for that amount but it is possible if the rest of your application is spotless.

Your bank loan is costing you more than you are making on your savings so my advice would be to you should pay that off.

Impossible to say how much you would actually qualify for as all mortgages are underwritten on a case by case basis these days. It would depend on how secure your occupations are, how long you have been working there,your savings history and how your current accounts reflect your ability to repay the mortgage.

www.moneybackmortgages.ie
 
Hi Norfbank,

Many thanks for the reply. We would be hoping to obtain a 35 year loan on a 92% mortgage if possible. Do banks still offer these?

I've been working in my job for 3 and a half years (as secure as I could hope for in these times), my wife has been in her new job for 4 months (she was made redundant 2 months previously from a long term position).

We're paying rent of 1,000 per month. We were saving regularly up until August, at which point we starting focusing on reducing our loan. At the moment we've returned to saving 500 per month. How many months savings would banks want to look at? I'm hoping to pay my loan off in the next 3 months.

Do you have any tips you could offer bearing in mind the above info?

Thanks again
 
BOI online mortgage calculator only allows up to a 30 year term.

AIB's allows for over 35 years.

Have a look and input your details:


BOI:
[broken link removed]


AIB:
[broken link removed]
 
Anyone know how accurate these calculators are these days? AIB offering 35 year term at 92%, works out around 1100 per month. Of course this would assume I didnt have loans, etc.
 
You must log in or register to reply here.
Back
Top