Are we saving enough to get a mortgage?

[coltain]

Myself and my partner are on about 55k between us. We have 2 young children and are living with her mother and paying her 300 per month and managing to save 1500 per month plus paying bills every second month. We have 100k from our previous house sale and want to move to the countryside, preferably Meath or Westmeath. We have no childcare costs as we work around each other. We are hoping to get a house for under 275K. I have a couple of questions.

1. Will the banks accept the 300 we pay as rent even though it is being paid to a family member.
2. Are we saving enough?
3. Have we any hope of getting 3.5 x our joint income?

 

[Introuble83]

If you have 100k savings you are looking to borrow 175k. At income of 55k you should be able to get that . You have made any applications or spoke to a broker ?

 

[coltain]

I have just passed my probationary period in work so we are about to start contacting brokers.

 

[Introuble83]

I have just passed my probationary period in work so we are about to start contacting brokers.

Best of luck. I think you will be fine . Worst case scenario look at a cheaper property should be plenty to choose from in the Meath / Westmeath for less than 275k

 

[SickandTired]

On the question of whether the banks will accept the 300 as previous rent, Yes, if you can show it on your bank statements.
Most of the time just saying it and putting it on the application is enough.