mortgage amount, 2 earners?

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Snape

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Myself and my girlfriend are looking to buy a house now. The house we are looking at is in region 350k. Realistically , on gross wages of 27k and 29k, will we be approved?
How much of a deposit will we need. We are thinking of opening a joint account to put house savings in for the deposit, is this a good idea, and do we have to stick with that bank?
Finally, from looking around on here, are RBS the best for mortgages?
 
Snape said:
Myself and my girlfriend are looking to buy a house now. The house we are looking at is in region 350k. Realistically , on gross wages of 27k and 29k, will we be approved?
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See this thread.
How much of a deposit will we need.
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Usually up to 10% unless you are getting a 100% mortgage. You will still need money for stamp duty if applicable in any case.
We are thinking of opening a joint account to put house savings in for the deposit, is this a good idea
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It's really up to you. If you are buying as an unmarried couple then you really need to draw up a suitable legal agreement covering the pooling of resources and joint purchase of the house.
and do we have to stick with that bank?
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For the mortgage loan? No. Note also that you are not tied to the mortgage lender for additional stuff like mortgage protection life assurance, home insurance, surveyor etc.
Finally, from looking around on here, are RBS the best for mortgages?
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See this forum for best deals on deposits and mortgages etc.
 
Finally, from looking around on here, are RBS the best for mortgages?
Click to expand...

Just to let you know RBS (Royal Bank of Scotland) trade in Ireland as Ulster Bank and First Active. Are you sure you don't mean BOS (Bank of Scotland)
 
Hi Snape,

I think rule of thumb is 4.5 times your joint gross income. From what I've heard brokers can usually negotiate more for you - but will it still be affordable.. It also depends on how long you've been in your job, if you're still on probation, if you get overtime, bonuses, etc...
These days you can get anything up to 100% mortgages, but you have to have a certain amount of savings to cover the extra costs. You usually have to put down a booking deposit if you go sale agreed on a house, about 5K. Once you sign contracts you have to put down 10% of the purchase price (-the 5K booking deposit). You can get a loan from the bank for this amount if needed (at a higher interest rate though). Solicitor's fees and costs excl stamp duty probably run up to somewhere around 2K and stamp duty on 350K is 10,500 Euros. So you have to have a good 15-20K saved to go ahead with a 100%mortgage. For the latter, PTSB and ICS in my opinion are the best lenders. If you've got lots of money saved and can go for a better loan to value ratio loan then there are other and possibly better options available to you. I'd recommend you either go to a broker and see what they can do for you, or go to one of the banks and talk to a mortgage advisor.
 
Sorry, it was Bank of Scotland..
First Active said we could get a 100% mortgage for 317500. The GF was talking to them today, so Ill have to find out later exactly what terms they told her.
 
Definitely check the other two ICS and PTSB. I went to all of them and First Active was definitely the most expensive for the 100% mortgage...
 
Im a little surprised that we were offered a 100% in the first place. Ill go check next week.
 
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