First Time Mortgage

barney 20v

Hi all,
I'm looking for any pointers as to the likelyhood of me getting a mortgage of circa 130k - 150k

I am working in a very secure job (American Multinational) 5 years service so far, i earn 37k gross a year not including a 10% bonus.#
My partner works part-time and earns circa 11k
We currently have 10k saved and a perfect credit history.

We will be a first time buyer but i have a property about to be gifted to me (from my elderly mother)valued at approx 100k.

Im renting for the last 9 years and this potential gift has made me consider buying for the first time in years.
I'm looking for any help/pointers as to my best options,
Ie can i use the property i am being gifted as security on a mortgage or will i even need to?

any help much appreciated,
Barney

P.S sorry if this in the wrong forum-

SBarrett

Hi Barney

The most you will be able to borrow is 92% of the purchase price, so you have to come up with the other 8% yourself. You also need to have money for stamp duty, solicitors fees and and surveyors. In that regard, you will be a bit tight on the funds side.

Assuming no debt and you are able to satisfy the ability to repay requirements, which as you are saving and paying rent, you should be able to.

Will you clarify your age and the term of the mortgage you are looking for and I can get you more accurate figures.

Steven

barney 20v

SBarrett wrote: »

Hi Barney

The most you will be able to borrow is 92% of the purchase price, so you have to come up with the other 8% yourself. You also need to have money for stamp duty, solicitors fees and and surveyors. In that regard, you will be a bit tight on the funds side.

Assuming no debt and you are able to satisfy the ability to repay requirements, which as you are saving and paying rent, you should be able to.

Will you clarify your age and the term of the mortgage you are looking for and I can get you more accurate figures.

Steven

Hi Steven , I'm 33 and I am open to any suggestions as to mortgage period etc-
Have one cu loan - 5k
Hadn't planned on buying but the gift of the house worth 100k is making us think v strongly about it.
Just to clarify I'm looking to purchase a seperate house and not to build on etc to the property I'm being gifted.

I've been doing some digging on figures with the 3 main banks so I am familiar with that situation !

My real question is if I can use the gift of property against any future mortgage .

Oh and to clarify further I'm only looking to borrow 130-150k

SBarrett

How much are you paying a month for your CU loan?

barney 20v

SBarrett wrote: »

How much are you paying a month for your CU loan?

155 a month for cu 500 a month rent

SBarrett

Hi Barney

I ran the figures for you. What you need to watch out for is the repayment capacity i.e. you have to show from savings, rent and the discharge of other loans that you can meet the stress tested mortgage repayments.

Using Haven (EBS) as they loan 92% of value, you need to be able to show repayment capacity of €804 and €928 for €130,000 and €150,000 respectively. You have €500 of that in rental income. I don't know what you are saving each month.

I can only see the gifted property being of use to you if you charge your mum rent and get an income from it, which I presume you're not doing after she gives you a house...

Steven