What size of a Mortgage can I expect to get?

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Hi,
I'm on €35k and have a part time job of €4k - am planning, depending on funds to buy a 3 bed house in Dublin and renting out the other two rooms (c. 800 from them p/m).

My parents are retired so i can't get them to go guarantor (or can i??)
i'm 26 and have been saving €1000 each month for last few years, so have a good deposit saved.

Can anyone tell me what figure roughly i'd get for a mortgage?

I've tried the calculators but they're only giving me around 150k. Can anyone give me a more realistic quote please?
 
Re: Mortgage

If your part-time job is permanent and can be proven with pay-slips, it's own P60 etc., you have no other loans and are seeking 92% or less, I'd say a mortgage of ~€240,000 is possible.

Liam D Ferguson
[broken link removed]
 
Re: Mortgage

Assuming you have no loan commitments your maximum loan at a 100% advance would be €180,000 or €195,000 as a 92% mortgage - both take room rental into account but please be aware that the maximum you can "earn" tax free from renting rooms in your main residence is €635 per month. Any more than that and the full amount is liable to tax.

Your parents would not be able to guarantee the mortgage unless they have a substantial (€50,000 plus) pension income.

Sarah

www.rea.ie
 
Re: Mortgage

A friend of mine is on less than you and is saving less than you and got approved for €305K with a broker.
 
thanks for that - much appreciated.
I havent work much in the part time job this year, but have been working there for the last 6 years - would a p60 from last year suffice as proof of me working there or would they need to see payslips?

and i'm very interested in the last poster (Joe) and the €305k!
was that done ligitimately or was there some document fabrication involved?!

If he's getting away with it great - where can i contact this broker!!?
 
Have you considered either the affordable housing scheme or the shared ownership scheme? I think you would qualify if you are on your own (not part of a couple purchasing). It's worth checking out with your local authority anyway although you will have to consider if it makes more sense to do it that way with all the restrictions.
 
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