mortgages, deposits etc - how much do I need??

J

Jimbo J

Guest
Hi,

Would appreciate any advice -

I have an SSIA (paying max amount) maturing in February 07, and am hoping to buy (first-time, anything I can afford in Dublin) as soon as possible after that. I'm earning about €30k at the moment.

I'm wondering if I managed to save about €20k between now and then, would that extra € really make things much easier for me at that stage, or will the €18k I'll have from the SSIA be enough to get me started?

Thanks.
 
Good news. The advent of 100% mortgages means that if you buy a house under €317,500 (or more if it's new) you don't have to pay Stamp Duty, just legal fees (couple of thousand) and a few smaller costs (valuation €130, removal van etc.)

Bad news. If you're buying on your own, €30,000 salary might qualify you for 100% mortage of ~€160,000 assuming you have no other loans. Doesn't buy you much in Dublin.

If you're under 30 and can afford to put up an 8% deposit you may get a higher mortgage, but not massively higher.

Liam D Ferguson
www.yourfirstcastle.com
 
Thanks for advice.

I had actually meant to add to that - "or would I even have much hope of getting a mortgage at all on that kind of a salary ?!"

Do you think that having say €35k rather than €20k to begin with would be a big help?

Thanks again.
 
The size of your deposit doesn't really affect the size of mortgage you get, to any meaninful degree. It strengthens an application somewhat to be able to display an ability to save as well as meet all your commitments, but the size of your salary is the biggest factor in determining the size of mortgage you'll get.
 
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