Reduced pay, reduced mortgage?

Last year BoI were happy to consider me for €250,000 over 20 years but I didn't go for it at the time as I hadn't seen anything I liked. I live in Dublin and work in D4.

In the meantime, our kind Minister for Finance has relieved me of an extra €120 a month.

I work in the public service and have a permanent contract (so far!).

Does my pay cut mean that the bank will now offer me a smaller mortgage—if they give me one at all?

Also, would I be right in thinking that there are more attractive houses coming on the market in the suburbs most convenient to the city—in Ballinteer, Dundrum, Stillorgan etc?

pingin said:

Does my pay cut mean that the bank will now offer me a smaller mortgage—if they give me one at all?

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It depends on whether €250,000 was your maximum borrowing capacity at that time. If it was then yes, they will offer a smaller mortgage now.

If you can still afford a €250k mortgage despite the pay cut then they should still offer that amount.

www.moneybackmortgages.ie

250 was the maximum alright, though they were prepared to go slightly higher if I found a property I liked.