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How Much to Borrow?

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  • 12-02-2008 10:14pm
    #1
    finlma
    Registered Users Posts: 708 ✭✭✭


    Myself and the missus are looking at taking the plunge and buying a property and I'm wondering if you knowledgeable folk could suggest the maximum mortgage we should have without being over-stretched. We are both teachers with a combined salary of around €80k. We have no current debts and a deposit of around €30k.

    We have only started to look but I'm wondering what should be the maximum priced house we should look at without the rest of our lives being a total misery.


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    #2
    Diceicle
    Registered Users Posts: 1,799 ✭✭✭Diceicle


    Estimated amounts vary widely even within banks however with secure jobs and no debts I would say €400k. Its a pure guess but it'd be in the ballpark I'd imagine. EBS i found very helpful with my enquiries.


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    #3
    Enright
    Registered Users Posts: 943 ✭✭✭Enright


    as teachers you will qualify for close if not 100% mortgage, on the plus side your income is guaranteed to rise as you both moe up the scale


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    #4
    janmc
    Closed Accounts Posts: 237 ✭✭janmc


    I'd have a chat with a mortgage broker first. He/she can give you an indication of how much you can get, but also how much you can afford to pay.

    Best way is one recommended by a friend.


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    #5
    confuzed
    Registered Users Posts: 302 ✭✭confuzed


    well, it also depends upon your age. For how many yrs you want mortgage. One sensible idea is, keep your mortgage around 1/3 of your income. It will allow you to enjoy your life (holidays), save a little money for other mishaps (they do occur, it's life after all).
    I have seen few young couples having squeezed their life to job and mortgage only because bank gave them huge amounts for big homes.


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    #6
    El Stuntman
    Closed Accounts Posts: 4,720 ✭✭✭El Stuntman


    have you considered the likely direction of the property market over the medium-term? All indicators are that continued large falls will continue for years as the bubble bursts and prices subsdide to long-term equilibrium.

    You may be better off to continue renting, saving and you will be able to pick up a better house in 2/3 years time - far cheaper and with more favourable mortgage terms

    Don't rush this decision, it may affect your life for decades to come


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