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FTB Mortgage Question

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  • 05-06-2014 2:48pm
    #1
    fitzparker
    Registered Users Posts: 1,188 ✭✭✭


    Hi Guys,

    Thanks in advance for your help.

    My partner and myself are currently saving for a mortgage hopefully between 100k - 120k,
    we are saving 900 per month and half way there. We have a little one so my partner works part time earning around 12k Per year, while I am permanent full time earning 30K.

    Would you think its best that i go for the mortgage as a single applicant as i am permanent? or would a joint application be best.

    thanks Again


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Stressed repayment on a 120k mortgage over 35 years would be €724 per month so once you can show savings or and rent for that amount you should qualify. This is presuming you are both under 30, have no childcare fees and that you have no other loans and taking in both salaries.

    Keep up the saving and make sure you have a paper trail of it by transferring from current to savings and also if you pay rent pay by standing order or bank transfer. If you are buying a house for 135k you will need circa 15k deposit plus 1% stamp duty and a 2k for legal.

    Best of luck
    fitzparker wrote: »
    Hi Guys,

    Thanks in advance for your help.

    My partner and myself are currently saving for a mortgage hopefully between 100k - 120k,
    we are saving 900 per month and half way there. We have a little one so my partner works part time earning around 12k Per year, while I am permanent full time earning 30K.

    Would you think its best that i go for the mortgage as a single applicant as i am permanent? or would a joint application be best.

    thanks Again


  • Options
    #3
    fitzparker
    Registered Users Posts: 1,188 ✭✭✭fitzparker


    Hi Trish,

    thanks for coming back.

    The max house price for the area we are looking is actually 120k... so Max loan would be 110k....we rented for a year previous at 1100 P/M (which came from my account) so should have no problems with the repayments. at the moment we have creche fees ( not that much ) which we pay each month by cash not DD, we are not married and the saving comes from my account ( so shows i'm saving it rather than my partner)..

    would i have a better chance getting the mortgage on my own or is it a no brainer going for a joint application as her income would help (although not in a permanent job)


  • Options
    #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Hi Fitzparker
    Your partners income will only be considered if she in partime permanent employment for 6 to 12 months. You should qualify for a mortgage of 110k in your own name.

    fitzparker wrote: »
    Hi Trish,

    thanks for coming back.

    The max house price for the area we are looking is actually 120k... so Max loan would be 110k....we rented for a year previous at 1100 P/M (which came from my account) so should have no problems with the repayments. at the moment we have creche fees ( not that much ) which we pay each month by cash not DD, we are not married and the saving comes from my account ( so shows i'm saving it rather than my partner)..

    would i have a better chance getting the mortgage on my own or is it a no brainer going for a joint application as her income would help (although not in a permanent job)


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