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Mortgage advice

  • 24-11-2011 10:53am
    #1
    EveT
    Registered Users, Registered Users 2 Posts: 336 ✭✭


    Hi,

    my partner and I are beginning to think about mortgages, we are prob thinking for about 6 months time, by then we will have about 40k savings (20 saved ourselves, 20 a gift from my grandmother).
    He is currently on 50k with 10k bonus, probably going up to 60k basic in december, hes 34. Im 26 and on 33k, doing my chartered accounting exams but in a permanent role. I will be finished in September and would hope my salary would go up then.

    Any advice on what price bracket we should be looking at? I have no idea what we'd get approval for. We have no credit cards, I have 500 left on a car loan which will be gone in feb.

    Thanks in advance, we dont know where/when to start!


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    EveT wrote: »
    Hi,

    my partner and I are beginning to think about mortgages, we are prob thinking for about 6 months time, by then we will have about 40k savings (20 saved ourselves, 20 a gift from my grandmother).
    He is currently on 50k with 10k bonus, probably going up to 60k basic in december, hes 34. Im 26 and on 33k, doing my chartered accounting exams but in a permanent role. I will be finished in September and would hope my salary would go up then.

    Any advice on what price bracket we should be looking at? I have no idea what we'd get approval for. We have no credit cards, I have 500 left on a car loan which will be gone in feb.

    Thanks in advance, we dont know where/when to start!

    You would generally get 3-4 times your combined salary at present, dependent on your outgoings each month. You will need 20% deposit and get mortgage for the 80% remaining. Some banks say less of a deposit is needed (8%) but realisitically it seems in reality they want 20%. Going by the 20% deposit you could get a mortgage of €160k for property of €200k.

    You have decent earnings so maintain a good record of savings for the next while and show the bank your ability to repay the mortgage would be excellent.


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