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Mortgage query

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  • 04-01-2016 9:42pm
    #1
    Breaston Plants
    Registered Users Posts: 740 ✭✭✭


    Just wondering would it be possible to get a mortgage of around €150,000, with a combined annual income of €45,000?
    Thanks.


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    #2
    Breaston Plants
    Registered Users Posts: 740 ✭✭✭Breaston Plants


    Sorry, could someone move this to accommodation and property. Thanks.


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    #3
    Whereisgalway
    Banned (with Prison Access) Posts: 1,470 ✭✭✭Whereisgalway


    Hopefully 😀


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    #4
    galwaycyclist
    Banned (with Prison Access) Posts: 2,912 ✭✭✭galwaycyclist


    Breaston Plants wrote: »
    Just wondering would it be possible to get a mortgage of around €150,000, with a combined annual income of €45,000?
    Thanks.

    Knee jerk reaction is yes. The challenge will be the cash deposit to put up front.


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    #5
    Unrealistic
    Registered Users Posts: 1,280 ✭✭✭Unrealistic


    Breaston Plants wrote: »
    Just wondering would it be possible to get a mortgage of around €150,000, with a combined annual income of €45,000?
    Thanks.
    If you are a first time buyer you only need 10% deposit on a property under €220k. Your borrowings are capped at 3.5 times gross earnings so in your case €157,500. But you'd also need to bring a €17,500 deposit to the table to be able to borrow that.


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    #6
    Breaston Plants
    Registered Users Posts: 740 ✭✭✭Breaston Plants


    Unrealistic wrote: »
    If you are a first time buyer you only need 10% deposit on a property under €220k. Your borrowings are capped at 3.5 times gross earnings so in your case €157,500. But you'd also need to bring a €17,500 deposit to the table to be able to borrow that.

    I'd be a second time buyer.


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    #7
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Breaston Plants wrote: »
    I'd be a second time buyer.

    Then you will more than likely need 20% deposit, your income is so low that you are unlikely to get an exemption unless seeking a very low mortgage.


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