Who to approach for a 6.5 times salary mortgage?

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FrCrilly

Registered User
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Hi All,

I’m 25 years old, a good saver in a good job. I want to buy property in Dublin and reckon I’ll need a 6.5 times salary mortgage to do it. Can anyone with knowledge on the market tell who are the best banks/building societies to approach to meet this criteria.

Thanks In Advance
 
Re: [Req] Who to approach for a 6.5 times salary mortgage

Try a mortgage broker, they'll be able to tell you but sounds like a bit too much unless you get a guarantor. How would you meet repayments on a loan that much? I think lenders will be getting stricter now on how much they lend.
 
Re: [Req] Who to approach for a 6.5 times salary mortgage

moondance said:
I think lenders will be getting stricter now on how much they lend.
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Agreed. Bear in mind as well that fixed-rate mortgages are shortly going to be subject to stress testing as well, in case you were thinking of going that route: [broken link removed]
 
FrCrilly said:
Hi All,

I’m 25 years old, a good saver in a good job. I want to buy property in Dublin and reckon I’ll need a 6.5 times salary mortgage to do it. Can anyone with knowledge on the market tell who are the best banks/building societies to approach to meet this criteria.

Thanks In Advance
Click to expand...

Are you for real!
If you borrow 6.5 times your salary you will be paying something like 60% of your after tax income on your mortgage!
Have you thought about how your are going to pay for it and if you will be able to cope if interest rates increase again?
 
Rea got me that multiple on a 5 year fixed rate. Repayments could be 60% of net income, but throw in the €635 rent a room and it might not be that bad. Also the fixed rate means you don't have to worry about interest rate increases for quite a while.
 
FrCrilly said:
Hi All,

I’m 25 years old, a good saver in a good job. I want to buy property in Dublin and reckon I’ll need a 6.5 times salary mortgage to do it. Can anyone with knowledge on the market tell who are the best banks/building societies to approach to meet this criteria.

Thanks In Advance
Click to expand...

Try Halifax also
 
Same boat as you and I went with AIB. The rent-A-Room €635 is very important to consider. It is also a parental mortgage (More secure than a Parental Guarantor).
 
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