any chance getting mortgage on my wages

H

HIDI

Registered User
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31
Hi

Just wondering anyone any ideas if I have any hope.

Currently have a joint mortgage outstanding balance €211,000.00 going hoping to buy ex partner out which will bring total mortgage up to €271,000.00.
House valued at €325,000.00.
I earn €30,000.00 a year and get €300.00 maintaince in to my bank account and €2,000.00 a year bonus.

The mortgage came out of my account for the past three and a half years and I currently paying it on my own.

Dont want to waste time trying to get approval when could have it on the market.
 
Re: any chance getting mortgage my wages

Hi Hidi,

Repayments on that amount over 30 years at 5%APR would be about 1,430/month. What is your monthly take-home pay? Lenders usually like your mortgage to be about a third of your take-home pay, or at least no more than 40%. So, look at what you have each month from wages & maintenance & see what 40% of it is - this will give you a good guide as to whether they will say yes.

Just to add - if you did the mortgage over 40 years it will cost you more in the long run but your repayments would be more like 1,290......though depends on your age whether you would be given a 40-yr mortgage.
 
Re: any chance getting mortgage my wages

My take home pay is 2200.00 a month at with 300.00 maintance payments and 160.00 childrens allowance I think I will manage it.Am I mad? getting in to deep, would love to keep the house on,
 
Re: any chance getting mortgage my wages

would you rent a room out under the rent a room scheme to make it more affordable?
 
Re: any chance getting mortgage my wages

I would rather not, but would make sense to help with repayments
 
Re: any chance getting mortgage my wages

Your mortgage will be 55% of your total income, excluding mortgage tax relief.

You will have just 700 euro per month spending money from your wages, plus the 300 and children's allowance per month.

Those numbers are simply frightening.

Without knowing age of child and general circumstances, difficult to comment beyond the hard numbers, but I think 300 per month is a) low and b) a potential risk (can you depend on it always being there for the lifetime of your mortgage)?
 
Re: any chance getting mortgage my wages

thanks I know getting in a bit deep, I think I could afford to live of 250.00euro per week, do you think any bank will touch me? Am I to high risk?
 
Re: any chance getting mortgage my wages

Camry said:
This is in the red zone for risk (for you). Do a stress test of 2% on current interest rates.

On a 30 year term monthly repayments would go from €1,450 up to €1,800. You might be able to get by on €250 per week, but what about less than €200? What if you ex becomes unemployed and maintenance falls or stops. Is you job extremely secure? What if you lost you income, how long could you manage until you got back on your feet?

You seem to have made you mind up already, so try the banks. I would expect you will find it difficult, at 9x salary (even taking on board you maintenance and child allowance) and taking account of the issues above. THis is effectively what a bank will do.
Click to expand...

What bank will you x9 times your salary???
 
House valued at €325,000.00.
Click to expand...
At the moment it might be...have you tried a fake sell ad to see if anyone would be actually interested? Might come bit of a shock to find out that no one wants to buy at €325,000 - perhaps €305,000 or less even.

My point being that it's no good hovering on the red for years, for a house that's worth less then you're paying for.
 
Re: any chance getting mortgage my wages

HIDI said:
thanks I know getting in a bit deep, I think I could afford to live of 250.00euro per week, do you think any bank will touch me? Am I to high risk?
Click to expand...

Is it really worth decades of struggle just to own your own house?
 
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