property for 400k - what mortgage can i get?

C

ct_roy

Guest
hi, i'm considering a 400k 2bed apt in a good area in south dublin.

i want to know if my earnings will cover a mortgage on this property.

basic info:

combined 2 person salary - 90k
bonuses etc. - 20k
savings - 25k
Loans - 2.5k - CU car loan

would be looking for 92% mortgage (not 100%)

what do you think?

all advice welcome
 
You might want to split out the salary and bonuses as often the second applicant does not count for as high a multiple of salary as the first. Is the 2nd person a friend/relative/partner/spouse?
 
no problem - didnt actually know that

2nd applicant is my partner

1st applicant:

annual salary: 55k
bonus: 15k

2nd applicant:

annual salary: 35k
bonus: 5k
 
Based on those figures you'll be fine for a €368,000 mortgage although it wouldn't do any harm to clear the CU loan. Based on, say, a 35 year tracker mortgage at 3.35% your gross repayments would be €1490.

Sarah

www.rea.ie
 
Ct Roy, you'll be flying. My partner and I are going for a 100% mortgage and our combined income is around 90K and we've been offered between 380 and 400K by the banks, so with a 92% mortgage you'll have no problem getting the money.
 
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