What size mortgage will I get?

B

Brainboru

Registered User
Messages
3
I've just turned 38 and have been saving about 500-1k per month for a little while now. I earn 65k and I have no debts or children. I am unmarried.

I reckon I'll hit >30k savings at the end of the year and with that I'd like to buy a modest apartment (Dublin) in the new year, something costing about 250k, with 25k being the deposit.

But at this point I'm just saving away, unaware of whether my goals are even realistic so I thought I'd ask random internet strangers :) . What do you think? Should I delay another year to increase my savings? Is my plan way off target?
 
Are you currently paying rent?
I'd try to be structured saving a specific amount each month to evidence affordability.
 
RedOnion said:
Are you currently paying rent?
I'd try to be structured saving a specific amount each month to evidence affordability.
Click to expand...

Yes, 1k a month... That's why my savings can vary as things like dentist bills, etc arrive. I'm trying to hit 1k minimum savings.
 
Apart from saving for a deposit is there any reason why you are waiting to the new year? At the very least I would suggest applying for a mortgage now. It can be a very smooth process if you have all the paperwork but it can also be a bit of a nightmare. Only way to know if to go through the process. Think of it as a trial run. AIP will last 6 months so if something came up between now and then that fit the bill you would be ready to move on it. At the very least it would take some of the uncertainty out of the process and you could always reapply in the new year.

That's basically what I did. First time round was a bit of a pain getting all the documentation but I was much clued in second and subsequent times.
 
skrooge said:
Apart from saving for a deposit is there any reason why you are waiting to the new year? At the very least I would suggest applying for a mortgage now. It can be a very smooth process if you have all the paperwork but it can also be a bit of a nightmare. Only way to know if to go through the process. Think of it as a trial run. AIP will last 6 months so if something came up between now and then that fit the bill you would be ready to move on it. At the very least it would take some of the uncertainty out of the process and you could always reapply in the new year.

That's basically what I did. First time round was a bit of a pain getting all the documentation but I was much clued in second and subsequent times.
Click to expand...

Won't they just turn me away without sufficient deposit?
 
You should be able to get mortgage AIP for 3.5* salary. Whether that buys you a property you want however...
 
You must log in or register to reply here.
Back
Top