E
Edhinor
Guest
Hello, my fiancee and myself have been living in Ireland since 2008, we are both employed in the private sector, both with contracts since over a year ago (I have been working on my company since 2009, my fiancee on her company since 2010).
My gross salary is 39.500 € /year, due to working on sundays and some nights, I bring home 2700 €/month after taxes. My fiancee is bringing home 1800 €/month after taxes, so combined we have 4.500 € / month.
At the moment I am saving 600 € / month, and my fiancee is saving 400 € / month. On top of that we pay a rent of 900€ / month.
My company usually gives bonuses in december and june, however since they are discretionary, I rather not count with that money until I have it in my pocket (as a guideline, last year, people on my position got around 8.000 € after taxes combining those two bonuses).
We have saved 10.000 € so far, and are planning on buying a house around may next year. By then we should have 17.000 € saved + whatever bonuses (if any). The houses we have our eyes on are around 150.000 € to 180.000 € .
We have no debts, no other loans (car was on a loan until february 2011, fully paid now), and have never had payment issues, all our bills have been paid on time, never been on red figures.
So, my questions are as follows:
a) Considering the above figures, do you think it is likely we will get a mortgage?
b) If we get a mortgage, should we marry before we buy a house or it doesn´t matter? as I said, we are engaged, were planning on getting married on the first half of next year, have been living together for 5 years and we were going to put both our names on the deed / mortgage, but does it have any advantage/disadvantage being married?
c) What are the steps we need to follow to get a mortgage? I asked my bank and they said that I should first select a house, and then they would look into the mortgage, but since we are foreigners and don´t know very well the system, we would like a "step by step" guide, in that regard, is this assumption correct?:
- We see a house we like, price is within our budget
- We go see the bank, tell them about that house, they check our economy and give a pre-approval
- With that pre-approval, we go see the house and make an offer
- Offer gets accepted, we give a deposit
- We approach the bank again, they confirm the mortgage
- We pay the full amount to the owners
Also, in between these steps... when is the evaluation of the house get done? I guess the bank will send someone to check the value of the house before they give the final approval of the mortgage? When should we have the house checked by an engineer? Is there anything else I am missing?
d) Finally, besides the 10% of the value of the house, 1% stamp, what other expenses may we incur? how much is an engineer? if we are aiming at a house of around 150k - 180k, would 5k € on top of the 10% cover those expenses?
Thanks for reading, and thanks for any answers that might clarify this process for us
.
My gross salary is 39.500 € /year, due to working on sundays and some nights, I bring home 2700 €/month after taxes. My fiancee is bringing home 1800 €/month after taxes, so combined we have 4.500 € / month.
At the moment I am saving 600 € / month, and my fiancee is saving 400 € / month. On top of that we pay a rent of 900€ / month.
My company usually gives bonuses in december and june, however since they are discretionary, I rather not count with that money until I have it in my pocket (as a guideline, last year, people on my position got around 8.000 € after taxes combining those two bonuses).
We have saved 10.000 € so far, and are planning on buying a house around may next year. By then we should have 17.000 € saved + whatever bonuses (if any). The houses we have our eyes on are around 150.000 € to 180.000 € .
We have no debts, no other loans (car was on a loan until february 2011, fully paid now), and have never had payment issues, all our bills have been paid on time, never been on red figures.
So, my questions are as follows:
a) Considering the above figures, do you think it is likely we will get a mortgage?
b) If we get a mortgage, should we marry before we buy a house or it doesn´t matter? as I said, we are engaged, were planning on getting married on the first half of next year, have been living together for 5 years and we were going to put both our names on the deed / mortgage, but does it have any advantage/disadvantage being married?
c) What are the steps we need to follow to get a mortgage? I asked my bank and they said that I should first select a house, and then they would look into the mortgage, but since we are foreigners and don´t know very well the system, we would like a "step by step" guide, in that regard, is this assumption correct?:
- We see a house we like, price is within our budget
- We go see the bank, tell them about that house, they check our economy and give a pre-approval
- With that pre-approval, we go see the house and make an offer
- Offer gets accepted, we give a deposit
- We approach the bank again, they confirm the mortgage
- We pay the full amount to the owners
Also, in between these steps... when is the evaluation of the house get done? I guess the bank will send someone to check the value of the house before they give the final approval of the mortgage? When should we have the house checked by an engineer? Is there anything else I am missing?
d) Finally, besides the 10% of the value of the house, 1% stamp, what other expenses may we incur? how much is an engineer? if we are aiming at a house of around 150k - 180k, would 5k € on top of the 10% cover those expenses?
Thanks for reading, and thanks for any answers that might clarify this process for us
.