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Getting a mortgage more than 3.5 times income

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  • 27-11-2018 6:50pm
    #1
    jockey#1
    Registered Users Posts: 317 ✭✭


    Hi guys
    Just wondering if anyone has any recent experience of getting a mortgage more than 3.5 times their income? I heard if you apply earlier in the calendar year there is a higher chance of being approved for more than 3.5 timed but i don't know how true it is.

    My wife will be looking for work, ideally part time but maybe full time depending on the above.

    Thanks


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    #2
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    jockey#1 wrote: »
    Hi guys
    Just wondering if anyone has any recent experience of getting a mortgage more than 3.5 times their income? I heard if you apply earlier in the calendar year there is a higher chance of being approved for more than 3.5 timed but i don't know how true it is.

    My wife will be looking for work, ideally part time but maybe full time depending on the above.

    Thanks

    I'm approved 3.5 times, but told I would qualify for 4.5 times my salary at the start of the year. I never went through the approval process however then, but I should have.

    They only get a limited quota of these, so I've a feeling the banks are trying to maximise the allotment of these to people looking closer to the top of what's allowed (450 or 500k or something) so they can get a much larger yield of interest on their loan.

    Best try in the new year, I will be in the off chance they give me one, but I'm still going to be looking at property in the region of 100k lower than what they'd be allowing me to borrow, because **** paying more than a house is worth.


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