Mortgage provider -highest percentage of salaries and loan amount?

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sinbad75

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Hi, quick question.
2 first time buyers, require mortgage of 350,000. Both earning salaries of 35,000.
Which banks will give the highest percentage (i.e. greater than 92% of total eligible amount)
Which bank will give them closest to the 350,000?
Deposit saved of 11,000

Thanks
 
I would recommend against stretching yourselves to 350k!

Why not look at Affordable Housing Options at your local council? Some great locations and only around 200k...

Just a thought- i realise if you have your heart set on something elsewhere, it can be difficult- but with 350k mortgage, you might as well give up on life and resign to being a 'slave' to the banks- especially given your modest salaries.

PN me if you want and I hope you don't think I am being overdramatic
 
Hi Sinbad, your best bet I feel is to contact a broker. If they are good they should nearly be able to offer you this information over the phone. If you are based in Dublin, I found GMC Mortgages good to deal with. I used them twice.

Banking2006Re: Mortgage provider -highest percentage of salaries and loan amount?
I would recommend against stretching yourselves to 350k!

Why not look at Affordable Housing Options at your local council? Some great locations and only around 200k...

Just a thought- i realise if you have your heart set on something elsewhere, it can be difficult- but with 350k mortgage, you might as well give up on life and resign to being a 'slave' to the banks- especially given your modest salaries.
Click to expand...

I think that a joint income of 70k for 2 ftb's is very good. I would imagine that they would qualify for a mortgage of 339 given their savings and provided they have no other loans. It should definitely be manageable. I have friends who earn the same and have much higher mortgages. They were definitely approved too much but they still manage. There are always cut backs to be made when you take out a mortgage but I don't think they would be living so beyond their means that they will have to give up on life. Maybe things have changed alot though since I bought.
 
We have a combined income of approx 60k and got a 292k mortgage with EBS through a broker. It was only 85% of the value though.
 
A quick check on the First Active website - and they say they would lend you 358k over 25 years. . 5.3% tracker
If you were on their list of "professionals" you could get a massive 394k ! (Couple 35k gross each salary)
 
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