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Mortgage calculation question

  • 15-01-2018 7:04pm
    #1
    Dingle_berry
    Registered Users, Registered Users 2 Posts: 885 ✭✭✭


    Does anyone have experience of how banks calculate the 3.5 Times gross income for civil & public servants? Do they just take the current point on the pay scale and ignore the future increments? Do they include shift pay, overtime, etc?

    Following on from that is this estimate correct? A nurse on €50K salary per year (not including night rate etc) on their own can loan a maximum of €175K? So to get a house for €300K they would have to have a deposit of €125K to make up the difference?


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    They will take into consideration a percentage of extra's such as Sat/Sun and overtime worked. All lenders differ however if you can prove that the income is guaranteed they should allow a high percentage.

    Might be a good idea to provide last 3 years P60's. Its also a good time to apply for a mortgage as lenders are allowed exceptions on loan to income and you may be able to borrow up to 4.5 times income.

    Good Luck


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