- I'm married and my partner and I are both 32.
- We have a combined income of €145k.
- After tax and pension contributions we have around €7000 net monthly income.
- We have no debts.
- We currently have no children but, all things going well, would be looking to have 2 children in the next couple of years
This is another important point. You are looking at new builds so I assume you are getting the HTB. As single high earners, you should have been able to save that deposit relatively easily and quickly and should probably be able to afford a much bigger deposit. If it has taken a long time, then you should question why that is.We are first-time buyers and looking for a mortgage of €450k (90% LTV).
That's a good point - I've been unsure of what to base my % calculations on since pension contributions and BIK aren't really "commitments".It's subjective and each to their own but I typically measure my outgoings based on net income before taxes/BIK. In your case, if your income was a 50:50 split, your net take home is in the region of €8k. I think it is important to measure it this way because pensions are a form of savings so you are already contributing €1k/8k or 12.5% of your net for pensions.
All three of those are true! I've doubled my salary in the past 6 months (mainly due to me being paid under the market rate at my last company). I'd like to think that we're fairly shrewd with our money and this is why I'm trying to plan out the next few years. We want to buy a house that will meet our needs in a location we love but I also don't want to get into a stressful situation with a burdensome mortgage either.There may be many genuine reasons for "only" having the 10% deposit such as paying high rents, recent significant jumps in salary, wedding expense etc
I would still highly recommend that you are capable of overpaying in line with a 25 year term or shorter. But at least you have the flexibility if/when kids come along to drop back to the minimum required monthly payment. So choose 35 year term but overpay it like a 25 year term
All three of those are true! I've doubled my salary in the past 6 months (mainly due to me being paid under the market rate at my last company). I'd like to think that we're fairly shrewd with our money and this is why I'm trying to plan out the next few years. We want to buy a house that will meet our needs in a location we love but I also don't want to get into a stressful situation with a burdensome mortgage either.
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