Best value mortgage for Salary

[whackin]

Hi,
I am currently earning about 35k. Could anyone tell me what is the absolute limit that I could possibly borrow based on this as a 92% mortgage going through a broker. Anyone think I have a chance of over 250k? I have no other outgoings. Anybody any experience of getting this much money from this level of salary?
Thanks for your advice?
Whackin.

 

[bleary]

I know that when i went looking for a mortgage that i was being told I would not qualify for anywhere near that amount however friends of mine earning similar amounts have been given 8 and a half times their salary
with 100 per cent mortgages - I suppose it depends on the term you are willing to take out ie 40 years etc and if your job is secure ,whether you have a guarantor etc

My experience was I was told by a number of brokers what the max was that I could get I then went back to them with what i wanted and they were happy to lend it to me -Even companies that said no way could they increase my amount were approving me -It was ridiculous -And it seems to be getting worse every month. It seems like if you go to a bank these days they will approve you for almost any amount as long as you say youre happy to pay it back. And why does everyone say that the 100% mortgage is a niche product when everyone I have met in the last few months buying a house is getting approved for it- From my experience again what the bank says they are doing and actually does is poles apart .


If you want to get this amount the best thing to do is go to a broker and discuss with them what you need all the factors above will come in to play along with the income say from rent a room possibility etc- good luck

 

[erw fran]

As a rough indicator to how much mortgage you can get, Bank of Ireland (and probably all the other banks as well) has a mortgage calculator on their web site where you just enter your yearly earnings, you should try that out, but as bleary says it does seem you can pretty much get whatever you want (within reason).

 

[Sarah W]

On €35,000 at 92%, with no loans and with room rental, you're looking at circa €200,000 - possibly €205,000.

Sarah

www.rea.ie