FTB chance of mortgage approval

My partner and I are hoping to apply for a mortgage early next year.

We both have full time permanent jobs, one in the public sector. Joint income of €76k. Approx €4550 after deductions income per month. No loans and our credit cards are always paid off each month.

We have been saving regularly for almost 2 years and by the time we apply hope to have €50k in savings. We also pay €1100 per month in rent at present

We are hoping to buy in Dublin and would need to borrow approx €330 to €350k to buy a semi/detached 3 bed in the areas we are looking in.

Do we have any chance of approval for this amount or would we be over stretching ourselves? I would appreciate any thoughts.

Kind regards.

I'd say you should be fine but banks may be concerned should the non public job be lost. In that case 350k eur is a lot of money to be re-paid with only one income

Hi- if you have to ask if you will be overstretching yourselves then you haven't done enough homework! Check out a number of mortgage calculators to see what your potential repayments would be on various mortgage amounts. If they are old calculators take out the mortgage interest relief piece as this is no longer applicable.

For example- say you find a house for 350k, 50k is your deposit so 300k is your mortgage. Repayments over 25 years will be approx. 1600 a month as a very rough figure.
If you have 50k saved, remember that some of this will go to stamp duty, solictor costs, etc.

Typically lenders are providing approximately 4 time joint gross income so your expectations don't seem too high considering you have a substantial deposit.

Good luck!

I doubt you'll get 300k plus, more likely 250k to 270k. You should be able to get up to 90% mortgage.

We had more savings and bigger earning power and the max we got was 295k.