How much of a mortgage now?

B

boogaloo

Registered User
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I've recently received a payrise in work, now earning 29k per year. No outstanding loans, approx 10k in savings. Including the rent a room scheme, what is the most/max amount I would be able to borrow?
I am a first time buyer, and have a fairly good savings history.
thanks.
 
Hi Boogaloo. With no loans and a 92% mortgage you'd qualify for c€175,000 on a two (+) bed property. This assumes you are aged under 40 to qualify for a 30 year term.

Sarah

www.rea.ie
 
Sarah W said:
Hi Boogaloo. With no loans and a 92% mortgage you'd qualify for c€175,000 on a two (+) bed property. This assumes you are aged under 40 to qualify for a 30 year term.

Sarah

www.rea.ie
Click to expand...

Interesting... are you saying that the amount of money that can be borrowed depends on the type of property?
 
bacchus said:
Interesting... are you saying that the amount of money that can be borrowed depends on the type of property?
Click to expand...

I would presume this is so you could rent out a room, so you would have to buy more than a 1 bed....
 
bacchus said:
Interesting... are you saying that the amount of money that can be borrowed depends on the type of property?
Click to expand...

I would assume that including the rent a room allowance in the mortgage calculation would entail that there be at least 2 bedrooms in the property.
 
Hi Bacchus. I was assuming that the borrower would be buying a property with two (or more) bedrooms so that could avail of the rent a room scheme (if they so wish) - lenders will increase the mortgage if so. Obviously if it's a one bed property that isn't an option!

Sarah

www.rea.ie
 
Happy New Year to all,

Just coming back to this question again. I am 26 years of age, so I would qualify for a 40 year mortgage as far as I know? Would this mean I could borrow more than 175k or would that be the highest?
Many thanks.
 
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