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Mortgage advise

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  • 12-02-2015 9:34pm
    #1
    TallGlass
    Closed Accounts Posts: 4,935 ✭✭✭


    Hi all,

    Just came here for some advise. Basically I am looking for a mortgage, but not looking at the moment if you get me. I want to put down the foundations so when I do go to get one with the bank I am in the best position for one. I am going on 25 now always said I would make a start in life around 24/25. Have started a career in IT so will hopefully progress in IT and get my income up, currently as it stand I am at 24k P/A, have one loan with the bank for a car 9 months left on it with 900€ left to be paid (no missed payments). I hope to save about €1000 per month for 24 months which will give me 24K, so far I have saved 4k.

    Any advise? I would be looking for a house in Dublin, maybe around 175/200K.


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    #2
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    TallGlass wrote: »
    Hi all,

    Just came here for some advise. Basically I am looking for a mortgage, but not looking at the moment if you get me. I want to put down the foundations so when I do go to get one with the bank I am in the best position for one. I am going on 25 now always said I would make a start in life around 24/25. Have started a career in IT so will hopefully progress in IT and get my income up, currently as it stand I am at 24k P/A, have one loan with the bank for a car 9 months left on it with 900€ left to be paid (no missed payments). I hope to save about €1000 per month for 24 months which will give me 24K, so far I have saved 4k.

    Any advise? I would be looking for a house in Dublin, maybe around 175/200K.

    What you are doing is a good idea, the banks are lending 3.5 times your salary so if you are on 24K you would qualify for 84K, you should be saving what you think your monthly remortgage payments will be so on 175 / 200K saving about 1000 per month is about right however if you want to purchase a house for 175/200K in Dublin if you are a single applicant you won't get enough so it would mean having to save a whole lot more.

    I was just in with a broker yesterday as I want buy a house with my husband and he was very honest with me which I found great as I already own a small apartment and he told me to get rid of any debts we have ie. loans, visa cards etc... so you should aim for that too and by the sounds of it you are doing that with only 9 months left on your car loan, remember also to keep a clean ICB report you can order one on yourself for 6 euro on www.icb.ie this is your credit rating report and shows up any missed payments etc.

    If you got 84K and had 24K savings lets say you could afford to buy a one bed apartment or possibly a two bed depending on the area you want to live my preference would always be to live in a house after buying and living in an apt its not for me so many hidden costs with maintenance companies etc..

    After your loan has been completed and you have had several months of savings say November go see a broker and or your bank and get some advice from them.
    Best of luck !


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    #3
    TallGlass
    Closed Accounts Posts: 4,935 ✭✭✭TallGlass


    Thanks for the reply !

    If the case is that it's 3x your salary (is it your salary before or after tax also?) then how can house prices be so high? 300K/350K/400K someone would need to be on 75K P/A. I don't disagree with the rules, there good for everyone but with the house prices so high I am been put in a position to go for/take something I don't really want.

    I would like an apartment at the moment, I am not single but not married and can see a us as a couple starting a family in a few years so would like a house. I don't mind a house that needs some work or TLC, I am fairly good with building etc.. Also I would like having to do jobs around the house as it would keep me busy and I plan on living there for the rest of my life. So not concerned about walking into the perfect house. So this could save me a 10/20K off the house price.

    How much is it see a broker?


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    #4
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    TallGlass wrote: »
    Thanks for the reply !

    If the case is that it's 3x your salary (is it your salary before or after tax also?) then how can house prices be so high? 300K/350K/400K someone would need to be on 75K P/A. I don't disagree with the rules, there good for everyone but with the house prices so high I am been put in a position to go for/take something I don't really want.

    I would like an apartment at the moment, I am not single but not married and can see a us as a couple starting a family in a few years so would like a house. I don't mind a house that needs some work or TLC, I am fairly good with building etc.. Also I would like having to do jobs around the house as it would keep me busy and I plan on living there for the rest of my life. So not concerned about walking into the perfect house. So this could save me a 10/20K off the house price.

    How much is it see a broker?

    Most brokers are free to give advice anyway. The 3.5 Times is based on your gross salary so before tax. They are strict so people can't borrow more then they can pay back. If you bought with your partner it will be 3.5 Times both your salary so if you did that you definitely could get 175 K to 200k. Keep saving and buy a house rather then an apt.


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