How big a mortgage could we get?

F

FTB1

Guest
Hi Guys,

Things have obviously changed with respect to levels of mortgage approval possible in the current climate and while I'm in no rush to buy a property I'm wondering how big a mortgage we could get approval for based on our current earnings. Affordability of a mortgage of upto €450k is not a problem in my mind but if anyone wants to comment on that aspect thats always welcome.

A couple with gross earnings of €90k (Me €55k and her €35k). Both in full time professional pensionable employment. Both under 30 years of age.

Have €50k in savings.

How big of a mortgage could we get approval for?

We have no outstanding loans and no children.

We may be prepared to rent a room in our future house/apartment if necessary. What is the likely impact or is that counted any more by the banks?
 
Not an expert but I'd reckon the banks wud give 500k mortgage!

Defo use your 50k savings as deposit for your house - that amount is brill to save!

How did you manage to save that amount!
 
deebnm said:
How did you manage to save that amount!
Click to expand...


Thanks deebnm. I won't be getting a loan for €500k but I think €450k would be manageable (that's my upper limit anyway)

My SSIA did well and my earnings are decent. I've moved more towards cash with my investments in the last while (Thank God!) as it's getting closer to the time when I'll need the money to fund a property purchase.

I just wanted to confirm with any brokers on here that I'd still be able to get a decent amount of mortgage what with the credit squeeze etc (its been over a year since I reviewed things as I didn't fancy buying a property a year ago).


FTB
 
Should be no bother I got approved a loan for €500K, Our joint earnings are €105K savings of €25K.

approval was last week.
 
similar earnings between me and the missus we ahd 100,000 to put towards house and were approved for the 510,000 we were looking for, repayments over 35 years are looking like 2,500 per month...... just make sure you buy a nice T.V as you might be sitting in watching it a lot
 
Assuming the quoted salaries are basic (i.e. not a combination of lower basic plus fluctuating earnings making up 55 or 35) you should have a choice of lenders offering you €450,000. Upwards on €530,000 should be achievable, but you're correct to set yourself a limit and stick to it.

Liam D. Ferguson
www.ferga.com
 
Also something to think about if you are a couple, you may well have a child at some stage in the future (even if that seems like a world away at the minute), and so in that event you will either be losing one income (if someone wants to give up work) or paying full time creche fees up to 1000 euro a month. Leave yourself with the greatest number of options in the event of that happening.
 
Hi,

A while back we bought a bigger house with a bigger mortgage and rented out a room. It was nice idea at the time and helped towards mortgage payments but I wouldn't do it again. You'd be much better off buying a house with a lower mortgage that you can afford. If you rent out a room you get extra money that you don't really need so it's a nice bonus.

400 to 500,000 mortgage on a salary of less than 100,000 is a huge mortgage. Be careful!
 
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