Need €180,000 mortgage - what do we need to be earning net to get approved

uberalles

Hi,

Have 30k savings and thinking of a mortgage application of 180.

We have one 6 year old kid and are married.

Whats the minimum net wage a bank will require us to have approx?

Thanks

riclad

You can get free advice from a mortgage broker,you might get an
80 per cent mortgage.
i think each bank has different way of calculating loan ratios,
They also look at your expenses, how much are you saving
etc
would you be able to pay loan if rates go up by 2 per cent.
in the old days it was 3 or 4 times, income you could borrow.
have you savings with them,
is your job secure etc
Prices are going down, banks are being cautious,
re loans.
if i buy a house now, 120k, in a year it might be worth
100.
the mortgage tax credit is gonna be gone in december,
its being phased out.
you,ll need loan approval, offer accepted soon if you want to qualify .
ITS worth about 4x7 k , 28k to a married couple.
ie at present tax credits last for 7 seven years.
EG i notice in part of dublin west, last year,
prices went down by 25 per cent .

uberalles

I don't care about mortgage relief ending. House prices will drop y that + more in the next year IMO.

If a house is say 210 and we have 30 and need 180 just wondering what the min net figure the bank will run with.

Good bank record and 0 debt

Getting late will look any posts tomorrow. Thanks

vandriver

Roughly 3.5k net plus any childcare cost

D3PO

The chances of getting a 180k mortgage with 30k stavings is slim. Banks arent really lending and they are really pushing to have 20% deposit so 36k plus you will need omeny for solicitors fees aswell.

so OP your going to really need 37k plus savings before revisiting this realistically unless you have much higher than required income.

killers1

D3PO wrote: »

The chances of getting a 180k mortgage with 30k stavings is slim. Banks arent really lending and they are really pushing to have 20% deposit so 36k plus you will need omeny for solicitors fees aswell.

so OP your going to really need 37k plus savings before revisiting this realistically unless you have much higher than required income.

That's not true at all. If your salary qualifies you to borrow €180k and you have a proven repayment capacity for the stressed mortgage repayment you will get up to 92% finance if required. Only KBC insist on a 20% deposit but their rates aren't competitive at the moment. OP In order to work out what net income you'd need it can't be done without knowing what ages you both are?

uberalles

killers1 wrote: »

That's not true at all. If your salary qualifies you to borrow €180k and you have a proven repayment capacity for the stressed mortgage repayment you will get up to 92% finance if required. Only KBC insist on a 20% deposit but their rates aren't competitive at the moment. OP In order to work out what net income you'd need it can't be done without knowing what ages you both are?

Im 32 she is 45. Both working full time. I believe that the mortgage can be pinned to the lower age. In saying that we would prefer a 20 year to 20+ year mortgage.

killers1

uberalles wrote: »

Im 32 she is 45. Both working full time. I believe that the mortgage can be pinned to the lower age. In saying that we would prefer a 20 year to 20+ year mortgage.

You'll need a minimum net monthly income of €3,589 plus additional childcare costs if applicable. The mortgage can't be pinned to the lower age if you are using any of your wife's income towards the application and the max term will be based on her age so 19 or 20 yrs with AIB & 24/25 yrs with everyone else depending on when her next birthday falls.

uberalles

killers1 wrote: »

You'll need a minimum net monthly income of €3,589 plus additional childcare costs if applicable. The mortgage can't be pinned to the lower age if you are using any of your wife's income towards the application and the max term will be based on her age so 19 or 20 yrs with AIB & 24/25 yrs with everyone else depending on when her next birthday falls.

Thanks.

"plus additional childcare costs if applicable" - Can we say her mother is looking after the kid for FOC? We have no S.O. to a creche.

killers1

uberalles wrote: »

Thanks.

"plus additional childcare costs if applicable" - Can we say her mother is looking after the kid for FOC? We have no S.O. to a creche.

Yes

D3PO

killers1 wrote: »

That's not true at all. If your salary qualifies you to borrow €180k and you have a proven repayment capacity for the stressed mortgage repayment you will get up to 92% finance if required. Only KBC insist on a 20% deposit but their rates aren't competitive at the moment. OP In order to work out what net income you'd need it can't be done without knowing what ages you both are?

it wasnt a statement of fact so it cannot be true equally it cannot be false. Read again regardless of bank they are pushing this. I didnt say they wont lend 92% Im saying they are pushing for people to have a much larger deposit.

OP if your getting a joint mortgage with a 45 year old your mortgage term is going to have to be reduced probably to a 20 year term meaning higher monthly payments. You would need to work out what the replayments on 180k over 20 years would be

if thats over 30% of your combined disposable income then you just arent going to get the loan. Even if its less depending on the salary split your childcare costs etc the may require the mortgage to be an even smaller proportion of your income.

untimately you will only know when you go and speak to them. Mine or anybody elses comments are purely opinion

D3PO

killers1 wrote: »

You'll need a minimum net monthly income of €3,589 plus additional childcare costs if applicable.

To quote an exact figure like that is just rediculous. :rolleyes: only the bank being applied to with full details on the application will know what the limit based on their lending criteria will be.

Im all for giving guidance on here but make sure that you position it in a way that it is guidance and not fact.

Henry Ford III

uberalles wrote: »

Thanks.

"plus additional childcare costs if applicable" - Can we say her mother is looking after the kid for FOC? We have no S.O. to a creche.

Don't say it unless it's true.

uberalles

Just looking for some guide figures.

Thanks all.

ted1

D3PO wrote: »

The chances of getting a 180k mortgage with 30k stavings is slim. Banks arent really lending and they are really pushing to have 20% deposit so 36k plus you will need omeny for solicitors fees aswell.

so OP your going to really need 37k plus savings before revisiting this realistically unless you have much higher than required income.

Nonsense I got one recently with 8% deposit.

killers1

D3PO wrote: »

To quote an exact figure like that is just rediculous. :rolleyes: only the bank being applied to with full details on the application will know what the limit based on their lending criteria will be.

Im all for giving guidance on here but make sure that you position it in a way that it is guidance and not fact.

The OP wanted the minimum net income figure required, I just gave him an accurate one. Your opinion may have personal, mine is a professional one based on banks current calculators, lending criteria & an indepth knowledge of their credit policies.

D3PO

ted1 wrote: »

Nonsense I got one recently with 8% deposit.

perhaps some reading comprehension wo0uldnt go amis. I didnt say 92% mortgages arent being granted. Just that they are not as widespread.