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FTB - hopes??

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  • 27-03-2010 11:40pm
    #1
    JennyAnt
    Registered Users Posts: 91 ✭✭


    Hi,

    Help settle an argument...!!

    What kind of mortgage could two first time buyers hope of getting in about 20 - 30 months if they had savings of around 40,000 Euros, no outstanding debts and combined earnings of 85k per annum?

    Thanks!


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    #2
    accensi0n
    Registered Users Posts: 2,775 ✭✭✭accensi0n


    JennyAnt wrote: »

    in about 20 - 30 months

    Thanks!

    That's asking a bit much isn't it?


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    #3
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    You're doing things back to front. Work out what you can realistically afford, find a property that can be had for that much, and approach a bank asking for that much.

    If you get refused it means you and the bank have differing ideas on what you can afford, but I wouldn't trust the banks, as it is their lending policies that have driven people to the mess we find ourselves in today.


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    #4
    Shazanne
    Registered Users Posts: 1,089 ✭✭✭Shazanne


    If you get a definitive answer to this question I have to see it:confused: If anyone - anyone at all - can answer a question like that at the present time then they will make an absolute fortune as a psychic!!


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    #5
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    JennyAnt wrote: »
    in about 20 - 30 months
    Nobody can tell the future. It may also depend on the income split between the couple and their employment prospects. 80:5 is a different proposition to 45:40.


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    #6
    hed
    Registered Users Posts: 25 ✭hed


    JennyAnt wrote: »
    Hi,

    Help settle an argument...!!

    What kind of mortgage could two first time buyers hope of getting in about 20 - 30 months if they had savings of around 40,000 Euros, no outstanding debts and combined earnings of 85k per annum?

    Thanks!
    It gets worked out using the earnings of the first applicant and i think only half of the earnings of applicant 2.
    However, the more you have saved the easier it will be to get your approval.
    I'd ring a broker and tell them the details of both of your earnings and see what they reckon you should be able to afford.
    NOTHING worse than seeing a house that you absolutley love and then realise you cant afford it!!icon8.gif


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    #7
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    hed wrote: »
    NOTHING worse than seeing a house that you absolutley love and then realise you cant afford it!!icon8.gif

    How about being given the finance and realising into the mortgage that you can't afford it and end up stressing over money and risk losing the home!
    Better off working out what you can afford first and then falling in love with a house within those limitations. :)


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    #8
    BobbyD10
    Registered Users Posts: 620 ✭✭✭BobbyD10


    Zamboni wrote: »
    How about being given the finance and realising into the mortgage that you can't afford it and end up stressing over money and risk losing the home!
    Better off working out what you can afford first and then falling in love with a house within those limitations. :)

    To quote Clint Eastwood (Magnum Force)

    "A man's got to know his limitations."


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