Mortgage any chance

Ncj

Asking for a friend.

A friend of mine has 60 grand saved to buy a house and looking at houses in Kildare for 145 max

Earns 550 a week after tax so 26400 yearly.

What are the chances of being approved for a mortgage by himself? Over a 35 year repayments.

Will give all deposit if have to or is it just a instant NO going by urself


Also add 2 kids however don't live with him does that still cut what banks will offer when fills out online asks for dependants and cuts the mortgage loan from say 143 to 43 grand 😑

Fol20

Ncj wrote: »

Asking for a friend.

A friend of mine has 60 grand saved to buy a house and looking at houses in Kildare for 145 max

Earns 550 a week after tax so 26400 yearly.

What are the chances of being approved for a mortgage by herself? Over a 35 year repayments.

Will give all deposit if have to or is it just a instant NO going by urself

Normally its 3.5 times your gross salary plus deposit to buy a home. This is the best she will kore than likely get. If she has other debt, kids etc these will all bring down her affordability

Trish56

€550 weekly is actually €28,600 however lenders take into consideration gross basic pay and will allow a % for overtime and bonus. A single person has to have €1400 per month left over after stressed monthly mortgage repayments. Add €250 per child and that figure increases to €1900. He would qualify for 100k if his gross basic income was €33,500 p.a.

Ncj wrote: »

Asking for a friend.

A friend of mine has 60 grand saved to buy a house and looking at houses in Kildare for 145 max

Earns 550 a week after tax so 26400 yearly.

What are the chances of being approved for a mortgage by himself? Over a 35 year repayments.

Will give all deposit if have to or is it just a instant NO going by urself


Also add 2 kids however don't live with him does that still cut what banks will offer when fills out online asks for dependants and cuts the mortgage loan from say 143 to 43 grand ��

Ncj

Trish56 wrote: »

€550 weekly is actually €28,600 however lenders take into consideration gross basic pay and will allow a % for overtime and bonus. A single person has to have €1400 per month left over after stressed monthly mortgage repayments. Add €250 per child and that figure increases to €1900. He would qualify for 100k if his gross basic income was €33,500 p.a.

Even have to allow for 250 per child... Of he pays 50 maintenance a week?

Trish56

No if they are not living with him, the maintenance can be taken into account instead of €250 per child.

Ncj wrote: »

Even have to allow for 250 per child... Of he pays 50 maintenance a week?