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Mortgage calculation

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  • 07-11-2017 3:14pm
    #1
    nails1
    Registered Users Posts: 495 ✭✭


    Hi if I'm looking to get a mortgage on a house worth 300000 and I'm earning 35000 per year and I get a mortgage loan of 3.5x salary (120000). Would this mean I need a 180000 euro deposit. How would this tie in with the 10% deposit as a first time buyer?


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    #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    nails1 wrote: »
    Hi if I'm looking to get a mortgage on a house worth 300000 and I'm earning 35000 per year and I get a mortgage loan of 3.5x salary (120000). Would this mean I need a 180000 euro deposit. How would this tie in with the 10% deposit as a first time buyer?
    Hi nails1, 

    Thanks for your post. 

    A number of factors would be taken into account when you apply for a mortgage. As a first time buyer you can borrow up to 90% of the value of the property, so this means you would need to save at least 10% of the purchase price. However as each application would be different it would be best to speak with our Mortgage Specialists who will be happy to go through this with you in detail. If you would like us to arrange a call for you please send a private message by clicking the link in my signature below this post. Please include your name and contact number in your message. 

    You can also request a call back from our Mortgage specialists here or call them on 1890 365 345. 

    Thanks,
    Sarah


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