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Re: FTB mortgage advice needed

eiregal said:
? Also, I have an SSIA which is due to mature in 2007. Would it be an idea for me to withdraw from this now as I figure I need the money more now than I would it later?
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Early withdrawal of SSIA will mean that you lose out on almost all of the Govt 25% top-up on your account.
 
I didn't actually know that about the SSIA. I thought that if one withdraws early the current balance can be withdrawn, I didn't realise they take back the Gov't contribution. I certainly won't be doing that then! Any advice on the mortgage amount?
 
If you cash in an SSIA in part or full before maturity then the amount withdrawn is subject to 23% exit tax on the lot. In contrast at maturity the 23% exit tax applies to any interest/growth earned only and not to the original principal.
 
Re: FTB mortgage advice needed

eiregal said:
I’ve posted here before on the same topic but some of my details have changed so I would be grateful if someone could help me out. I’ve used several different calculators and am getting different results so I’m a little confused. My BF and I have seen a house that we are interested in and need to know how much we can borrow. His salary is €30,000 and my basic is €23,000. I get bonuses every year which vary widely. They probably average out at about €2,000/€3,000 p.a. I have a personal loan of €12,000 paying €290 p.m. and my BF owes €6,500 to the credit union and repays €300 p.m. The house value is €234,000 and we would be looking for a 100% mortgage. Is this possible? Also, I have an SSIA which is due to mature in 2007. Would it be an idea for me to withdraw from this now as I figure I need the money more now than I would it later? Any advice would be greatly appreciated.
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The easiest way to find out what you can borrow might be to apply for approval in principle with a few lenders.

The fact that you have outstanding debts of c. 33% of your combined gross income will obviously militate against maximising your mortgage borrowings.
 
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