Hi all,
I am currently in process of applying for a mortgage and I'm trying to determine what percentage of take home pay I should realistically allocate to mortgage repayments.
I'm aware that this is quite a subjective question, so some details about my situation:
I am currently in process of applying for a mortgage and I'm trying to determine what percentage of take home pay I should realistically allocate to mortgage repayments.
I'm aware that this is quite a subjective question, so some details about my situation:
- I'm married and my partner and I are both 32.
- We have a combined income of €145k.
- After tax and pension contributions we have around €7000 net monthly income.
- We have no debts.
- We currently have no children but, all things going well, would be looking to have 2 children in the next couple of years
- Avant 7 year fixed (30 year term) - 2.25% rate - €1,720.11 monthly repayment - 24.6% of our net income
- Avant 10 year fixed (30 year term) - 2.4% rate - €1,754.74 monthly repayment - 25.1% of our net income
- AIB 5 year fixed (35 year term) - 2.25% rate - €1,549.06 monthly repayment - 22.1% of our net income
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