Income 31K!
€200,000 perhaps
That's 6.45 times the income , assuming €31K is net salary. Are you sure?
Do you have any other monthly commitments (car loan, credit union, credit card, etc)?Wondering if any of you would know if you would be given a mortgage on a salary of 31k per year and if so, how much would you get?
im on €30k and was quoted €150,000, im 31 yrs old, does my age have anything to do with it
You would still qualify for a mortgage term of up to 39 years so that shouldn't affect you. Do you have any financial commitments? Would you be in a position to rent a room? For single applications with people on lower incomes Ulster Bank/First Active generally tend to lend more than others.
ok heln, good advice, i have one more question, i have also 13k in savings, would i be better paying off the car loan and then saving again for a deposit, some of the 13k is in investments which if i touch i could loose moneyAny financial commitments - loans, maintenance etc, are going to reduce the amount you qualify for.
Hi All,
Wondering if any of you would know if you would be given a mortgage on a salary of 31k per year and if so, how much would you get?
Thanks
Caili
OP, being able to show that you saved regularly is also a big factor. For instance, if you can show that you saved X amount consistently for years, it will go a long way towards getting more money.
Not necessarily, although it should. There are people who have never saved and can take out a mortgage just as easy as someone with a savings record. It is all about your ability to repay, but as Bubblebunny stated you need to decide how much you can afford to repay , factoring in interest rate increases.
Thats quite true. I have 40k in savings & save €1500 a month but can only get around €200k - €240k of a mortgage. I already own a house which is rented out which has gone up in value by €150k. Any idea why?