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Mortgage Advice for Self Build

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  • 26-02-2014 9:29pm
    #1
    ryaner1979
    Closed Accounts Posts: 222 ✭✭


    Can anyone give us any advice on the best banks to approach for a €175k mortgage. House cost is €250k and we have €75k ourselves between savings and help from the parents. We earn approx €55k per annum between us. Our rent at the moment is €700 per month and we have been saving €1000 a month for the last year. We are both in our early 30's and first time getting a mortgage. All advice welcome


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    #2
    Kenno90
    Registered Users Posts: 3,184 ✭✭✭Kenno90


    I don't know if the rules are different for self build properties but you are in a great position with your savings. What banks will do is see if you can handle the repayments at a stress level around 6% interest, right not they are around 4 - 4.5%.

    With your savings of 1000 a month plus your rent you should be able to handle the stress repayments if the interest rate ever goes that high.

    Enter your details here https://mortgage.aib.ie and you'll see how much you'll (potentially) be approved for.

    I filled it in based on what you said and it looks good :)

    If you're serious about this, then get crucial documents ready for the banks.Copies of P60s, 6 months banks statements, proof of savings, 3 months payslips (for both of you).

    Also have a look at this,
    http://www.ebs.ie/resources/booklets/buildingyourhome/index.html


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    #3
    CMPa
    Registered Users Posts: 1 ✭CMPa


    The savings of 1000 a month are a big positive. Much more than the 75K that is available. It's all about the capacity to meet the mortgage. I have two mortgages, one supplemented by rent, and even though we have big savings in the bank, the fact that I save little is a big negative.


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