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How much would I need to get a mortgage.

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  • 08-07-2018 4:39pm
    #1
    DevLit
    Site Banned Posts: 30 ✭


    I just started my first job in software development. The money is great atm, but will be in a few years.

    I would be interested in purchasing apartment in a couple of years. How much realistically would I need to get a mortgage.

    The apartments/Duplexs I'd be looking at are between 175K - 300K. With the cheapest being a 1 bed, up to a 3 bed.


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    #2
    mickuhaha
    Registered Users Posts: 475 ✭✭mickuhaha


    10 percent of the purchase price (pp) plus stamp duty 1 percent of pp and solicitor fees about €4-6000, you need to show steady savings ie save at least 300 per month with paying rent or save above 800 per month. You need to show you saved most of the deposit yourself. Just to start


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    #3
    DevLit
    Site Banned Posts: 30 ✭DevLit


    mickuhaha wrote: »
    10 percent of the purchase price (pp) plus stamp duty 1 percent of pp and solicitor fees about €4-6000, you need to show steady savings ie save at least 300 per month with paying rent or save above 800 per month. You need to show you saved most of the deposit yourself. Just to start

    Stupidly, I never even thought about stamp duty and fees. :P

    Record of savings will be fine. My parents refuse to take money off me, as long as I save. I'm just starting my first job, and have am saving 200 P/W on a salary of 375. That can be increase probably to 250.


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    #4
    amen
    Registered Users Posts: 2,781 ✭✭✭amen


    A little off thread but are you in Ireland?

    Are those salary figures pre or post tax ?

    If post you are only earning just under 20K a year for software development.

    Thats way too little


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    #5
    DevLit
    Site Banned Posts: 30 ✭DevLit


    amen wrote: »
    A little off thread but are you in Ireland?

    Are those salary figures pre or post tax ?

    If post you are only earning just under 20K a year for software development.

    Thats way too little

    It's for the first 6 months. It will increase after, and in a year, if i'm not making mid 30's, I'll switch companies. I just needed money quickly, and a job and this was my only offer.

    There is a big thread about it in the development form.

    https://www.boards.ie/vbulletin/showthread.php?t=2057884197


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    #6
    James Bond Junior
    Registered Users Posts: 5,136 ✭✭✭James Bond Junior


    This all seems very familiar...


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    #7
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    Most banks will not entertain a mortgage application unless you earn a minimum 30,000.

    Even then, they will not give you more than 90k. At 40k income you will get 3.5 times salary


    But why the rush? Look at all the other costs of ownership - insurance, property tax, maintenance, lack of mobility if your job changes, buying fees, selling fees if you move.


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    #8
    Toastytoes
    Registered Users Posts: 435 ✭✭Toastytoes


    mickuhaha wrote: »
    10 percent of the purchase price (pp) plus stamp duty 1 percent of pp and solicitor fees about €4-6000, you need to show steady savings ie save at least 300 per month with paying rent or save above 800 per month. You need to show you saved most of the deposit yourself. Just to start

    Just to point out that if you’re buying a new build the stamp duty isn’t based on purchase price (vat incl.) it’s based on the ex. Vat price.


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    #9
    DevLit
    Site Banned Posts: 30 ✭DevLit


    Mr.S wrote: »
    How does that work, if you are 'gifted' most of your deposit? Which I thought was quite common in Ireland.




    That salary is no where near enough to think about a mortgage. You can only borrow 3.5x your yearly salary (with some exceptions).

    Oh I know :pac: The salary is terrible, but it won't even in a year or 2. I took this job to give me a start.

    I just want to do some research as I don't have a clue about buying a property. At least know I now I need a good savings history.


This discussion has been closed.
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