chimpychompy
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You may be approved in principle for €280K but on any specific house the lender will normally only lend up to 92% of the purchase price (some professions qualify for 100% mortgages) subject to income and ability to service the loan.chimpychompy said:I'm mortage approved upto 280k by my bank
Told by whom? 3.9% is an outrageous rate if it's a variable/tracker mortgage but maybe it's a fixed rate mortgage (for how long)? See the best buys list for comparative rates on offer. Also - 35 years is a very long term and the longer the term the more you will pay in cumulative interest charges. Did you shop around directly or indirectly (e.g. via a broker) with several lenders to see what's on offer or just go to one lender?and I'm told the going rate on a 35yr mortage is 3.9%
What sort of budget do you live on at the moment?With all the initial deductions I figure I have to live on 1k a month. This is for car insurance/tax, house insurance, clothes, food, petrol, bills, socialising (ha!) and whatever "the man" wants to screw me for. Am I'm pushing it too far and getting out of my depth with this one or so I just buy a house in Donegal and commute to dublin?
ClubMan said:You may be approved in principle for €280K but on any specific house the lender will normally only lend up to 92% of the purchase price (some professions qualify for 100% mortgages) subject to income and ability to service the loan.
Told by whom? 3.9% is an outrageous rate if it's a variable/tracker mortgage but maybe it's a fixed rate mortgage (for how long)? See the best buys list for comparative rates on offer. Also - 35 years is a very long term and the longer the term the more you will pay in cumulative interest charges. Did you shop around directly or indirectly (e.g. via a broker) with several lenders to see what's on offer or just go to one lender?
What sort of budget do you live on at the moment?
3.90% is ECB + 1.90% - this is a rip-off compared to other tracker rates/margins on offer as shown in the best buys list.chimpychompy said:This is the word from a Masons Estates broker I went to see a few months ago and I believe it is a tracker mortage.
If he thinks that a tracker margin of + 1.90% is competitive then I would certainly think twice about retaining him. Maybe there is some information missing here or something? Once again I would suggest printing off the best buys list, showing it to the broker and asking him to explain how 3.90% is the most suitable mortgage for you.should I ditch this chap?
You need to draw up a realistic budget so to see if you will be able to live on whatever you have left over after mortgage expenses (repayments, mortgage protection life assurance, house insurance etc.) have been deducted while leaving some room for flexibility just in case mortgage rates fluctuate or financial contingencies arise etc. There are some useful budgeting resources in the Banking, Borrowing and Credit Cards forum that might be of use. If you don't know what it is already then [broken link removed] is useful for working out your net income while Karl Jeacle's mortgage calculator is useful for estimating the repayments on different mortgage packages.A lavish one, I'm still living with my folksIt enables me to save 1k a month with not too much breathing space.
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