A
allsquare
Guest
I'm trying to gauge roughtly how much I could borrow before I start house hunting in earnest. I have no experience of the property market and would apppreciate if anyone could advise of the answers to these questions:
1. My salary has a large bonus element - last year salary of €50k and bonus €30k. Although my bonus should only increase from here it is not a stricly guaranteed bonus. What view do mortgage providers take of this sort of income (it is likely that in a year or two the bonus element will be greater than the salary)? What sort of sum would I be able to borrow?
2. With new homes do you have to have the mortgage in place before you buy and when do you typically pay the full purchase price, is it on purchase or on completion? E.g. if a scheme is not due for completion 'til 2008 and I have the cash just now for the deposit (I have about 30k saved at the mo), can I delay getting a mortgage until the balance of the purchase price is due?
Thanks
1. My salary has a large bonus element - last year salary of €50k and bonus €30k. Although my bonus should only increase from here it is not a stricly guaranteed bonus. What view do mortgage providers take of this sort of income (it is likely that in a year or two the bonus element will be greater than the salary)? What sort of sum would I be able to borrow?
2. With new homes do you have to have the mortgage in place before you buy and when do you typically pay the full purchase price, is it on purchase or on completion? E.g. if a scheme is not due for completion 'til 2008 and I have the cash just now for the deposit (I have about 30k saved at the mo), can I delay getting a mortgage until the balance of the purchase price is due?
Thanks