How much could I borrow?

fire_man

I have a 30k deposit saved,Earnings would be in mid to late 20's.What is the most I could borrow?Around 90k?

Sala

fire_man wrote: »

I have a 30k deposit saved,Earnings would be in mid to late 20's.What is the most I could borrow?Around 90k?

3.5 times income is the most you can borrow under new rules

fire_man

Thanks,i am on a 23 month contract on new job,will this go against me?

Mr. Incognito

Yes. You have no job security. Why would you want a mortgage at all. Wait until you need one.

This Irish obsession with Land is ridiculous.

fire_man

Relax !!It should lead to a fulltime employment,I have a good deposit saved and it would be better to pay a mortgage than rent i feel.

MarkAnthony

It will depend on your profession and the bank you're going for. KBC/Ulster Bank would be who I'd recommend approaching first.

Not everyone has job security, and the ones that think they do are generally the eejits committing a massive percentage of their income to service debt and wondering why it all goes tits up when said secure job is lost.

New job will be an issue until probation is fully passed.

Mr. Incognito

fire_man wrote: »

Relax !!It should lead to a fulltime employment,I have a good deposit saved and it would be better to pay a mortgage than rent i feel.

Would you lend a 23 year old with no secure job a quarter of a million?

Are you going to rock in and say, relax mr bank manager i "should" have a job.

You are not living in reality mate

Crumbs868

Mr. Incognito wrote: »

Would you lend a 23 year old with no secure job a quarter of a million?

Are you going to rock in and say, relax mr bank manager i "should" have a job.

You are not living in reality mate

Chill man and reread the OPs opening post. He is thinking of borrowing 90k not the quarter of a million you think you read

fire_man

I also have a deposit of 30k I think that should help in my application and my credit rating is excellent.repayments would be around €450 per month which I would manage no problem.

Mellowbird

A client we had on 80k salary but one year contract couldn't get a mortgage, but that was 2 years ago, don't know about now. It seemed at that time deposit and salary didn't matter, it was whether you can pay them back every month for the next 20+ years.

fire_man

If I had a property which I could renovate and had a 30k myself would this improve my chances of getting mortgage. Would the security of property help my case?

Eldarion

Cold, hard facts here, no emotion. Banks won't look twice at a mortgage application with a LTV > 75% from someone in non-permanent employment.

It's not an outright no for people on contracts, profession comes into it also. For instance BOI told me that they lend people working in research in the university even though they are more often than not on contracts.

fire_man

If I inherited a property worth about 50K,how much could I borrow, income late 20's and 30k deposit.Thanks

The_Morrigan

fire_man wrote: »

If I inherited a property worth about 50K,how much could I borrow, income late 20's and 30k deposit.Thanks

You need to talk to a broker or a mortgage advisor. You're asking the impossible here of the forum.

fire_man

I will speak to them but if anyone here was in a similar situation I would like to hear.thanks

The_Morrigan

As a non FTB you're subject to either a 70% or 80% LTV (depending on what you do with the inherited house) and your LTI is 3.5 times your salary.

That is also subject to a risk assessment based on your income/expenditure and your credit history.

fire_man

ok thanks for reply.