Eur1m - mortgage - help needed

If you and your partner are both earning and in well paid secure jobs do you really want to be getting loans from family members to pay for stamp duty? You're not first time buyers so you're not homeless and in real need of help from family to get on the housing ladder.
Maybe I'm just jealous because I couldn't ask family to lend me that sort of money. I'd also love to live in a €1.1m house, but I'm realistic.
Both myself and my husband are in good jobs, we live in a nice house but only worth half of your dream home. We also have to pay childcare for our two young children which eats up a substantial amount of our income. If you're both in your late twenties you may well end up with children in the future and childcare is extremely expensive. Don't overextend yourselves. I'm sure there are lovely houses out there between what your current house is worth and the €1.1m house and you won't be crippled by a huge mortgage.

Don't forget that in the current market climate that you may very well have an offer accepted at about 10% below the asking price.

Agree with what others have said about the need for you to disclose your income to give us an idea if this is affordable or not. It's not like anyone here will be able to track you down.

Hi,

I can understand mybelle not disclosing her wages, I think she has already come in for a bit of flack by disclosing she does not have children and has a good income. She has to take on board herself the feedback and come to a decision but my own advice don't put yourself to the pin of your collar, always allow a bit of elasticity in the event of children or even more increases in interest rates.

angela59 said:

I can understand mybelle not disclosing her wages

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Kind of pointless in asking for advice so?

I think she has already come in for a bit of flack by disclosing she does not have children and has a good income.

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Where and from whom exactly?

Hi Clubman,

Yes, I suppose if you ask for advice such as mybelle has, you have to disclose information to gain the advice she requires but I do feel it is up to her lending agency to decide if she can get a mortgage for this amount and not have to disclose her salary on the forum. With regard to my comment coming in for a bit of flack maybe it is just my interpretation, "double income no kids", - some comments "how expensive childcare costs are". Mybelle stated she had no children. In my own opinion that's again up to mybelle to factor in these costs in the longterm, obviously someting has to give. My own interpretation of the question that was asked was could she get a mortgage at present for Eur1 million to which she got various replies. Anyway I wish mybelle the best but as I already pointed out earlier in the present climate of trying to sell, it could take quite a while to offload her own property even with a reduction in price. I hope I've clarified myself.

angela59 said:

but I do feel it is up to her lending agency to decide if she can get a mortgage for this amount and not have to disclose her salary on the forum.

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By that reasoning she should have just asked them instead of posting here? Or else the first and only post should have been to do this? She is obviously under no obligation to post any details she does not want to divulge but (a) nobody knows who she is anyway and (b) posting salary details might give a quick answer to the original question instead of us blathering on for two pages of posts.

With regard to my comment coming in for a bit of flack maybe it is just my interpretation, "double income no kids", - some comments "how expensive childcare costs are". Mybelle stated she had no children. In my own opinion that's again up to mybelle to factor in these costs in the longterm, obviously someting has to give.

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Somebody mentioned the possibility of having to face these costs in the future. I don't see how any reasonable interpretation of these comments represents "flack".

Depending on what product you choose will also effect the affordability and the ultimately also impact the size of mortgage you will get approved for.

Lenders are stress testing all variable/tracker rate mortgages - under the new Financial Regulators guidelines - of ECB+2.75%. Some lenders won't stress test if you choose a 3 or 5 year fixed

In order to maximise your borrowing potential you will have to build a compelling argument (potentially) with your chosen lenders.

No Lender assesses your affordability on an interest only basis - even though you may choose to repay interest only for a few years.

Also in this market place looking for in excess of a mortgage of €750k at a LTV potentially greater than 85% on an interest only basis on a property worth approx €1m that requires renovations - will not tick too many Lenders boxes as to what they would view as a great deal in todays volatile conditions.

The way the deal is presented to the Lender will also assist or deter its chances of success

Onelife,

slightly off-topic I know, but what advice would you give in how to present the deal to the lender? What can they do to make it a more attractive proposition?

I feel the OP knows the answer to their question. The fact that they are not willing to disclose their earnings is a bit suspect. The information provided is far too vague for this to be a genuine query. IMO of course!

What would be the motivation for this not to be a genuine query?

In fairness to the OP she didn't ask "do you think I could get a mortgage for 1M" she asked what the repayments are on a 1m loan and whether they could get it for 50 years or interest only. That question could be answered by someone here who would know how much the monthly payment is on a 1m mortgage over 40 years maybe someone who has a mortgage of 1m. Obviously there is little point of asking the question if you can't get a mortgage of 1m but the OP didn't ask about our opinion of whether they can get it or not just queried the payments. If she had asked can i get a mortgage of 1m then she would have to disclose salary to get an answer but thats not what she asked.

BK2 said:

In fairness to the OP she didn't ask "do you think I could get a mortgage for 1M" she asked what the repayments are on a 1m loan and whether they could get it for 50 years or interest only. That question could be answered by someone here who would know how much the monthly payment is on a 1m mortgage over 40 years

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This has already been answered - or at least a link to a calculator that gives the answer has been provided.

ClubMan said:

This has already been answered - or at least a link to a calculator that gives the answer has been provided.

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...and the OP has thanked everyone and informed that she is going to talk to her bank in her last post....methinks OP has left the building adn we are talking in a vacuum!

Run.....don't walk away....the stress alone will take the pleasure away from the purchase.....I find that one can find a dream home better than the last every couple of years......