How much Can I borrow

I

I{U}Ireland

Registered User
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Hi

Salary is 50k per year
Age 31 year
Married with one child and another one comming soon
Partner is not working

How much can I borrow for buying a house?

Regards
 
Need to supply more detail:

  1. Are u 1st time buyer?
  2. Do you have any loans currently?
  3. Will you require 100% finance or can you come up with 5-8% deposit?
  4. What is your occupation? How long employed?
If you need 100% finance approx. €260k is max, and this is also subject to several conditions regarding occupation, number of years work history etc.

If you could come up with an 8% deposit, there is the potential to borrow approx. €300k, again subject to a number of factors.

If you want to sent me more detail I can work it out for you.
 
Yellow Belly said:
Need to supply more detail:

  1. Are u 1st time buyer?
  2. Do you have any loans currently?
  3. Will you require 100% finance or can you come up with 5-8% deposit?
  4. What is your occupation? How long employed?
Click to expand...

1- Yes
2- No
3- I would like to know about the both options
5- Sr. Applications Engineer (IT Developer). About 2 years
 
If you need 100% finance, the max possible will be approx. €260k.

For the main part 100% finance is almost a thing of the past unless you are a civil servant or professional (solicitor/accountant/dentist etc) or earn in excess of €75k per annum. There are a few lenders who will consider other applicants but it is more difficult. All lenders will stick rigidly to credit policy in underwriting 100% loans so borrowing amounts can't be stretched or inflated greatly.

If you were inputting 5-8% of the purchase price, the lenders can be a bit more flexible. Potential room rental, or opting for a fixed rate can often increase borrowing potential. An approx figure of €300k should be possible on a 92-95% mortgage.

It has to be said that each case can be viewed on its own merits, and depending on the lender or even individual underwriters amounts can vary wildly.
 
I'd imagine that rent a room for a couple with two kids might not be a viable option?
 
I thought IFSRA changed the rules in the autumn re not stress testing fixed loans so fixed rate doesn't increase borrowing capacity ASFAIK
 
good info yelly belly - concise.. thinking of putting them with permo??
 
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