How strict is the 3.5 times rule

Loopylineking

So houses in my area are going for 200K and I really want to stay in the place where I grew up.

I have 35K saved and am on 40K a year with same global IT company for the last seven years. Even if I did get let go I could pick up a job handy in Dublin.

Any leniency here or am I just wasting my time.

40K by 3.5 is 140,000 so would neee a deposit of 60K and probably 15K on top of it.

Any help would be appreciated. I can easily afford the mortgage payments or will have to stay saving for another three or four years. I have no debt whatsoever.

I’m single, no kids or missus.

colm_mcm

Loopylineking wrote: »

So houses in my area are going for 200K and I really want to stay in the place where I grew up.

I have 35K saved and am on 40K a year with same global IT company for the last seven years. Even if I did get let go I could pick up a job handy in Dublin.

Any leniency here or am I just wasting my time.

40K by 3.5 is 140,000 so would neee a deposit of 60K and probably 15K on top of it.

Any help would be appreciated. I can easily afford the mortgage payments or will have to stay saving for another three or four years. I have no debt whatsoever.

I’m single, no kids or missus.

You had no intention of getting a mortgage yesterday


You were on €52k yesterday, now it’s €40k


You had 60k saved yesterday, now it’s €35k

https://www.boards.ie/vbulletin/showpost.php?p=112354492&postcount=1

Loopylineking wrote: »

Hi Folks, Thinking of going contracting to give me a bit more freedom.

Background:

Currently earning 52000 a year and getting 3200 a month. I’m renting with friends in Kilkenny paying 300 a month and commuting to Dublin.

I’m 34 and have no real intention of getting a mortgage. Money doesn’t mean a lot to me

Jobs available:
After contacting a few recruitment agencies there’s plenty of jobs available in my field contracting wise ranging from 180 to 250 a day from two months to a year.

What I Know:
You don’t get paid holidays or bank holidays paid. There are 253 working days in a year. You have to set yourself up as a limited company.

What I need to know:

If my daily rate added up to what I was getting 52000 grand a year and 3200 a month how much would I get if I was contracting? Would it work out the same at 3200 take home pay or a good bit more. Also if I had to commute to Cork, Galway or Dublin how much of a tax break would I get on fuel? Can I get a tax break on equipment like laptop or even a different car.

Any help would be appreciated. Ideally I plan on working six months of the year and don’t mind commuting at all.

I have about 60K saved as well so not too bothered if it doesn’t work out

Then you were living in a 1 bed for €700 a month before the weekend, not sharing with friends in
Kilkenny paying €300 a month

Loopylineking wrote: »

Currently getting 49.5K a year gross as a single person outside of Dublin which is around 3100 a month. I would consider myself middle class.

My one bed apartment is 700 a month and car in total is say 300 a month.

That leaves me 2100 a month.

If I went on the Dole I would have to move back in with the parents which is not happening.

Saving 1300 a month for a mortgage which is tough so basically living on the dole at the minute. House are 150K in my area.

It might benefit young families but as a single male or female it does not whatsoever.

Wheety

Also says houses are 200k where they live but were 150k yesterday.

colm_mcm

Wheety wrote: »

Also says houses are 200k where they live but were 150k yesterday.

We are in the middle of a housing boom so we should let that one slide.

Zenify

colm_mcm wrote: »

You were on €52k yesterday, now it’s €40k

€49.5 two days ago. what company gives raises like that over the weekend?

Umaro

colm_mcm wrote: »

You had 60k saved yesterday, now it’s €35k

Big session on Saturday night?