Hoping for a 100% Mortgage

Hi All,

Hoping for a little help here in identifying my borrowing capacity before i visit various lenders.

My girlfriend and I are hoping to buy a place within next few months.

I am a part-qulaified accountant and am due to finish this year.

Salary €37k bonus €4k

My girlfriend is currently completing her phd which she gets paid for, last year earning €20000. she will also be finished this year.

We dont however want to wait another year for prices etc to go up, due to stamp duty concerns.

we have no outstanding credit card debt and i have a car loan of €13k (€300/month repayments)

i also have SSIA savings of €12k, mature in May 2007, which i contribute to monthly.

going by usual mortgage calculators, i believe we could get about €250k max while the places we are looking at would be closer to €300k.

Does anyone know how rigid banks are in relation to these parameters. i would hope they may be a little flexible especially considering Accountant/Doctor circumstances.

Any advice you may have would be greatly appreciated.

Cheers.

A number of lenders offer special 100% offers for FTB'ers where one or both applicants are professionals - doctors, dentists, vets, accountants, lawyers, chemists - however you would need to be fully qualified to apply. I would suggest you wait and in the meantime concentrate on clearing your car loan as much as possibly as this will impact negatively on your borrowing capacity. I presume you'll get a reasonable pay increase once you qualify? Another reason for holding off for a while. If there were to be any change to Stamp Duty it won't be until the budget in December.

Sarah

www.rea.ie

A colleague of mine just out of ACA contract (and hence qualified) got €300k 100% mortgage on a salary of €45k. I have no info on whether or not he had a car loan (I think he had).

Hello Bruze

I was in in indentical situation like you. My broker took care of everthing. I was offered 320k(100%)

Regards,
Pint

Pint6 who is your mortgage with?

Cheers Pint.

Hoping to visit a bank in the next couple of weeks to get a jist of what they'l offer.

i presume the banks would have more power than a broker to grant higher mortgages?