How much are banks giving out these days?

wetdufflecoats

Aye Bosun wrote: »

I'm single, mid 30's, gross income less just less than €30,000 per annum. No previous loans, no credit card debit, deposit of €15,000. Got mortgage of €140,000 in Aug 2011 from BOI.


OP don't listen to the folk on here, you'll never really know what the banks will say until you approach them yourself.


And no I have no connection with anyone in any bank or financial institute.

I am in my early 30's had 22k deposit and income circa 40k and was approved for 140k also...no problems at all...met with mortgage advisor (BOI) on the Tuesday and had approval on the Wednesday. All i need now is for the seller (who's gone bust) to get approval from their bank for the offer i've put on the property i'm interested in

Snakeblood

wetdufflecoats wrote: »

I am in my early 30's had 22k deposit and income circa 40k and was approved for 140k also...no problems at all...met with mortgage advisor (BOI) on the Tuesday and had approval on the Wednesday. All i need now is for the seller (who's gone bust) to get approval from their bank for the offer i've put on the property i'm interested in

That's a bigger deposit and a much smaller multiple of income than Aye Bosun, though.

Your multiple is 3.5 times, Aye Bosun's is nearly 5 times his. I can see why his would be considered much riskier, considering historically multiples were supposed to be lower.

Idbatterim

http://www.rte.ie/news/2011/1121/property.html

Figures from the Central Statistics Office said residential property prices fell by 2.2% during October, 15.1% lower than in same period last year.

Mister Dread

Aye Bosun wrote: »

Why do you think that?
I am easily able to manage my mortgage installments, in fact I would be able to manage double the payment, if required and I put some aside in my saving account every month. Like another poster said I have been renting for 10 odd years and have a proven history of meeting my rental payments each month which where higher then the my mortgage repayments are now.

You're mid thirties and have managed to save a paltry 15K over your working life. You are in a private sector job. You are looking for 4.5 times your salary. Your disposable income is likely to fall considerably in the next few years. Interest rates are likely to increase in the next few years. You will be in negative equity in a couple of years with such a small deposit.

The_Honeybadger

Mister Dread wrote: »

You're mid thirties and have managed to save a paltry 15K over your working life. You are in a private sector job. You are looking for 4.5 times your salary. Your disposable income is likely to fall considerably in the next few years. Interest rates are likely to increase in the next few years. You will be in negative equity in a couple of years with such a small deposit.

Have to agree here, I'm amazed you got approval based on those figures Aye Bosun, seems very risky from the banks, would I be right in guessing that your mortgage is guaranteed by a parent(s). Hope it works out for you however.

donalg1

If I were you OP the first thing I would do would ask the bank what they are prepared to give you instead of asking on here. They will tell you what you could borrow now if anything and you can ask them what you need to do over the next couple of years to increase your chances of getting a mortgage.

Last I heard you would be looking at 3 - 4 times your salary with a 10% deposit.

But go talk to a bank and dont even worry about a mortgage broker yet, you have plenty of time to learn everything you need to know about mortgages over the next two years so no need at all for a broker.