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mortgage calculators

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  • 24-03-2015 6:37pm
    #1
    tomhain
    Registered Users Posts: 36 ✭


    So we got mortgage last year but did not find a house to buy. We might be getting mortgage again soon and went online to see how much I can afford since we probably have to buy more expensive house as there aren't many cheap ones we like, and the difference is strange.

    Bank of Ireland says 40,000 (I think this one is weirdest one),

    AIB says 81,000,

    PTSB says 135,000.

    Ulster Bank says we can apply for up to 120,000

    KBC strangely said our income isn't good enough for us to apply for mortgage (our income is that we go on holiday to south east asia twice a year (2 weeks) and also save about 600-1000 euro every month).

    Why are the figures so different ?


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Different banks have different criteria, and some will stress test more heavily than others. Do you mind me asking roughly what your income is, and do you have any other debts, or have children/pay maintenance?


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    #3
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    Don't pay any heed to online mortgage calculators.
    In my experience, they are not accurate at all.


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    #4
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    I think since the new central bank guidelines a lot of the online mortgage calculators appear to be inaccurate and not fully updated yet with the new criteria.


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    #5
    tomhain
    Registered Users Posts: 36 ✭tomhain


    Toots wrote: »
    Different banks have different criteria, and some will stress test more heavily than others. Do you mind me asking roughly what your income is, and do you have any other debts, or have children/pay maintenance?

    Our income together is 34,000, we want to buy a house in small town, prices here are low, our only expense is rent (550pm since we are renting really great house) and small bills. We get around 700 eur per week and always save the minimum of 500 to 1000 per month - that is after all expenses like holidays, insurance etc .. we do not have any debts, both have credit cards - cleared to 0 every month.

    We even consider if we loose our jobs we would still manage to pay mortgage even from social welfare (very unlikely that we loose our jobs)

    While I understand 130 000 from PTSB seems too much (considering our income), 40,000 from BOI is crazy too ..


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    #6
    rainbowtrout
    Registered Users Posts: 15,382 ✭✭✭✭rainbowtrout


    Is 34000 before or after tax? Is 700 before or after tax? Because 700 * 52 = 36400. Something doesn't add up.

    Mortgages are based on your gross income.


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    #7
    tomhain
    Registered Users Posts: 36 ✭tomhain


    rainbowtrout wrote: »
    Is 34000 before or after tax? Is 700 before or after tax? Because 700 * 52 = 36400. Something doesn't add up.

    Mortgages are based on your gross income.

    Our gross income is 34000 + my partner gets some money from social welfare for working part time, not every week tho (some weeks are full time), we only use our work income when dealing with mortgages, social welfare income doesn't count ..


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    #8
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    rainbowtrout wrote: »
    Mortgages are based on your gross income.

    The online calculators are.


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