How in the name of Jesus can we get a mortgage?

One More Toy

Hello

Just looking for someone with more experience's input here

Myself and OH work in Dublin City and are well domiciled here, and would love to buy our own place, ideally a 2 bed flat

Our deposit wouldnt be a problem on such a flat (at least 10%) but when it comes to salary rules of 3.5 times salary (combined gross near €75,000) we are screwed

Are we silly to think we could remain in Dublin? Should we look further afield?

GingerLily

You may qualify for an exemption - up to 5 times your income but I think they generally offer nearer the 4 times multiple.

If you could get 4 times that would give you a budget of 330, I think you'll have to look further out then the city centre, but you definitely have options.

TheAnalyst_

Emigrate.

One More Toy

TheAnalyst_ wrote: »

Emigrate.

We are happy here, dublin is our home. But i respect that sentiment

TheAnalyst_

One More Toy wrote: »

We are happy here, dublin is our home. But i respect that sentiment

You need to anticipate trouble ahead. Will you be happy when you are barely getting by with low wages and high rents?

One More Toy

TheAnalyst_ wrote: »

You need to anticipate trouble ahead. Will you be happy when you are barely getting by with low wages and high rents?

Her job is public service and is stable; mine not so much.

We are living like paupers already for topping up the downpayment and paying high-ish rents as it is. Yes we are f**** miserable

mloc123

GingerLily wrote: »

You may qualify for an exemption - up to 5 times your income but I think they generally offer nearer the 4 times multiple.

If you could get 4 times that would give you a budget of 330, I think you'll have to look further out then the city centre, but you definitely have options.

Realisticaly they will now qualify for an exception with that combined income.

shivermetimber

There's 251 2 bed apartments under 250k in Dublin at the moment. Not saying that that's a lot but it's certainly not a little.

GingerLily

mloc123 wrote: »

Realisticaly they will now qualify for an exception with that combined income.

Can you explain?

ArthurG

shivermetimber wrote: »

There's 251 bed apartments under 250k in Dublin at the moment. Not saying that that's a lot but it's certainly not a little.

They only want 2 beds though....

Franz Von Peppercorn

ArthurG wrote: »

They only want 2 beds though....

Some are 2 beds. I see an apartment in howth for 300k

punisher5112

Look up council mortgage loan..

You will only need 3% deposit if approved.

stateofflux

shivermetimber wrote: »

There's 251 bed apartments under 250k in Dublin at the moment.

yes but where? . 'dublin' is a sprawl running the whole gamut from nice area to complete kip. with commutes to centre ranging from 2 minutes to 2 hours . depending on location.

shivermetimber

ArthurG wrote: »

They only want 2 beds though....

Franz Von Peppercorn wrote: »

Some are 2 beds. I see an apartment in howth for 300k

Sorry, typo. That was meant to say 251 2 beds

One More Toy

punisher5112 wrote: »

Look up council mortgage loan..

You will only need 3% deposit if approved.

Think theres a 330k or so limit for that and you need to be rejected a couple of times but i will have to look into it now

punisher5112

One More Toy wrote: »

Think theres a 330k or so limit for that and you need to be rejected a couple of times but i will have to look into it now

It was already there before the new things they came up with recently.

I would suggest against a apartment as if you have kids or plan on them it won't be ideal and most we have here have terrible sound proofing.

mloc123

GingerLily wrote: »

Can you explain?

For the most part LTI exceptions are being given out the higher earners or people in jobs that are likely to see large pay increases. I think it would be pretty difficult to get one on a joint application worth each person on about 35k each.

SNNUS

One More Toy wrote: »

Think theres a 330k or so limit for that and you need to be rejected a couple of times but i will have to look into it now

10% deposit needed.

Heres Johnny

75k x 3.5 is 262.5k

Add your deposit of 10% onto that and 300k is your realistic budget

On daft there are over 1000 properties in the Dublin area asking less than 300k with at least 2 bedrooms

400 are even 3 beds

Yes, some are undesirable and others need work but surely something in there would suit you?

GingerLily

Rotten12 wrote: »

Don't settle Dublin city, it's seriously just getting worse. It's a hell hole.

Where in Dublin do you live?

mloc123

Heres Johnny wrote: »

75k x 3.5 is 262.5k

Add your deposit of 10% onto that and 300k is your realistic budget

On daft there are over 1000 properties in the Dublin area asking less than 300k with at least 2 bedrooms

400 are even 3 beds

Yes, some are undesirable and others need work but surely something in there would suit you?

Asking price != Selling price tho

andekwarhola

Bit confused here.

A joint income of 75k is 262k approval in principle. You could get that up to nearly 300 with around 12 or 13% deposit which you imply is possible.

Daft throws up quite a few 2 bed apartments in that range. The first search page seems to show places like Islamdbridge, Phibsborough, Sandyford, Ashtown and Lucan which are fine.

Think a lot of people in here, not you necessarily, when talking about lack of affordibility sometimes mean the place they really really want or balking at a commute rather than what they can afford which is tough but something you just have to deal with.

Wesser

andekwarhola wrote: »

Bit confused here.

A joint income of 75k is 262k approval in principle. You could get that up to nearly 300 with around 12 or 13% deposit which you imply is possible.

Daft throws up quite a few 2 bed apartments in that range. The first search page seems to show places like Islamdbridge, Phibsborough, Sandyford, Ashtown and Lucan which are fine.

Think a lot of people in here, not you necessarily, when talking about lack of affordibility sometimes mean the place they really really want or balking at a commute rather than what they can afford which is tough but something you just have to deal with.

Totally agree. We all have to compromise.

Cash_Q

OP my husband and I have a lower combined income and are about to close on a 3 Bed terraced house in a nice part* of Tallaght with 10% deposit.

There are compromises to be made by everyone buying, of course we'd love to have bought in Terenure but that was never going to happen.

* yes there are nice parts of Tallaght, I grew up there and have lived in Tallaght again for the past 6 years. Most areas have their downsides but the bus from Tallaght to town is approx 30 mins with bus lanes most of the way. Lots of apartments for sale in Tallaght for your budget. Lots of amenities and facilities here too. Lots of suburbs have just as much to offer. Don't limit yourself to city centre just because you live there now.

Kintarō Hattori

Hey OP,

My partner and I lived for many many years in the city centre. When it came time to buy we looked at what was available to us in the city centre and what we'd get further out. We ended up in Balbriggan as we got a lovely house with a mortgage that has a modest monthly repayment.
Now we're quite far out but that was fine, we don't mind the commute. Everyone wants different things but benefits for us were a bigger place than the city, lovely countryside around, great transportation links. Being out of the city I also learned how to drive- something I might never have done had I stayed in the city centre.

April 73

Look at Dublin 15. Plenty of nice 2 beds there in budget with a reasonably decent train service & lots of bus routes. New Luas stop at the train station in Broombridge on the line from D15 to get across town too.
It’s just not accurate to say you can’t live in Dublin with a €300k budget.

Frilly Knickers

Commutes are fine pre-kids, but post kids it can mean leaving them in crèche for 10 hours a day, or a significant journey in the event you need to get back in an emergency. My in laws are in monasterevin and often sell the '45 minute train journey to dublin' as if it takes 45 minutes total - in reality, door to door including car, train and luas it's closer to 2 hours total from their house to my city centre office. There's a reason commuter towns have high divorce rates, its not a nice life post children

GingerLily

Frilly Knickers wrote: »

Commutes are fine pre-kids, but post kids it can mean leaving them in crèche for 10 hours a day, or a significant journey in the event you need to get back in an emergency. My in laws are in monasterevin and often sell the '45 minute train journey to dublin' as if it takes 45 minutes total - in reality, door to door including car, train and luas it's closer to 2 hours total from their house to my city centre office. There's a reason commuter towns have high divorce rates, its not a nice life post children

The poster above you suggested boombridge, a good bit nearer then monasterevin. There's definitely a middle ground between Dublin CC and Kildare!!

andekwarhola

Frilly Knickers wrote: »

Commutes are fine pre-kids, but post kids it can mean leaving them in crèche for 10 hours a day, or a significant journey in the event you need to get back in an emergency. My in laws are in monasterevin and often sell the '45 minute train journey to dublin' as if it takes 45 minutes total - in reality, door to door including car, train and luas it's closer to 2 hours total from their house to my city centre office. There's a reason commuter towns have high divorce rates, its not a nice life post children

The market just got wind of these factoids and has promptly collapsed, meaning houses in D6 are now 50k. Sorted.

myshirt

Move to Cork or to Limerick, you get a Dublin salary in Cork and a Dublin salary in some sectors in Limerick.

You'd get a large 3 bed semi detached within touching distance of a large university and the hospital for 300k in Limerick.

And for Cork, you'd get your 2 bed apartment or a 3 bed terraced within commutable distance of Cork for 300k.

Dublin is getting to that point that if you are not already on the ladder, be it yourself, or your parents, it's hard to get a break. Quality of life may be better in Limerick or Cork for you.

BorneTobyWilde

Will have to use your own name. No idea how in the name of Jesus you can get a mortgage.