100% mortgage savings

I

innocent

Guest
myself and my partner are hoping to buy our first house shortly. we have good incomes and only one car loan which we will clear shortly. the only thing is we have no savings yet. we will have approx 2500 in our account my the end of may but thats it. we have been told we need to show we can afford the repayments but how long should we wait before pushing ahead with things.
if we got a loan off family of a few thousand euro and lodged that altogether would it make any difference. im completly clueless
thanks
 
For a 100% mortgage you don't have to show savings, just the ability to cover the repayments with your income (although you will need money to pay legal fees and outlays, furniture, moving costs etc. however you do not need to prove this to the lender). If you'd like to post your income details I can advise you on the maximum mortgage at 100%

Sarah

www.rea.ie
 
together we earn just over 51,000 a year. the only loan we have is a car loan, to be cleared asap. that costs us less than 50 euro a week.
 
On that combined income and with no loans you're looking at 100% in the region of €230,000/€240,000 on a 35 year term. At a 92% advance this rises to €275,000.

Sarah

www.rea.ie
 
230,000/240,000 will do the finest for our first home. it will ony be for a few years anyway. we hope to build eventually. thanks for your help though
 
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