40 years of age -is mortgage possible to get?

sabinalee

Registered User
Messages
21
Hi,

My husband works permanent from years, at income 27K and he is 48.
I work permanently again, after break for kids ( 2 years), earning 27K and I'm 38.

Our savings 25.000
We renting from same landlord from 9 years.

Do we have any chance to get mortgage for a house worth about 200-250.000 for 15 years?

Probably it will be difficult but maybe experts would advice?

Thank you.

Sab
 
Hi,

My husband works permanent from years, at income 27K and he is 48.
I work permanently again, after break for kids ( 2 years), earning 27K and I'm 38.

Our savings 25.000
We renting from same landlord from 9 years.

Do we have any chance to get mortgage for a house worth about 200-250.000 for 15 years?

Probably it will be difficult but maybe experts would advice?

Thank you.

Sab
The maximum mortgage within the Central Bank mortgage lending restrictions will be €189,000, i.e. 3.5 times your combined income. This puts you in the lower end of the range of the amount that you need. Your husband's age, and the number of people in your household, are likely to reduce this maximum amount a little, but I think it may be possible to get approved for close to €189k.

Some important questions:
  • Are you both first time buyers (never had a mortgage anywhere)?
  • How many children do you have, and how old?
  • What child care costs do you have, if any?
  • Do you have any loans?
  • Do either of you contribute to a pension?

Best regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl
 
Last edited by a moderator:
Hi Dave, thank you for your super reply and for a hope...

Yes. We never had a mortgage anywhere.
Yes, we do have 2 kids. 16 and 5 year old.
Yes, afterschool service part time. 320e monthly.
No loans. Credit Card repaid in 20%
My husband is on pension, but only from 2 years ( at work)

Just to mention about 25.000 - this is not something we saved for over last years...unfortunately. I got that money from my dad when he sold a flat.


Honest and real answers. Hope they will help you and us more.

Kind regards,
Sab
 
Hi Sab. Some banks would require you to have saved at least some of the deposit, but some others would be fine with the fact that it is from an external source.

Another very important factor is demonstrating your repayment capacity (affordability). It will be essential you to show that you are already keeping up financial commitments that will cover the mortgage, preferably at stressed rates (2% above current rates). For example, one bank will want you to prove that you can afford around €1,240 per month.

If you have not been saving, then your rent payments would be the way to show this. If your rent is more than €1,240 per month, you should have a very good chance. If it is much lower, your options will be much more limited. Of course, perfect credit history and very good bank account operations will be essential as well.
 
Hi Dave,

Your help here is incredible for blind people :) Thank You.

My rent is not that high.
The best thing for me would be put that 25 K on lump saver account and put more money for a special saver account dedicated for future mortgage. At least 500e monthly I think.
We have about 18 month to buy something.

That is our plan.
We will see what future brings.

Kind regards,
Sabina
 
Sabina how much is your rent. How much do you save monthly. How much of a mortgage can you afford to repay. Other than the 25K you were given, do you have any savings at all of your own?

Do you need to pay for childcare if you have a 16 year old?

How much do you owe on your credit card?

What do you mean about your husband is on pension and 2 years? Do you mean that in two years time, when he is 50 he will be entitled to a pension?
 
My reading of it, is that her husband has only been paying into a pension for the last 2 years
 
Sabina how much is your rent. How much do you save monthly. How much of a mortgage can you afford to repay. Other than the 25K you were given, do you have any savings at all of your own?

Do you need to pay for childcare if you have a 16 year old?

How much do you owe on your credit card?

What do you mean about your husband is on pension and 2 years? Do you mean that in two years time, when he is 50 he will be entitled to a pension?


My rent is incredibly cheap - 850e
Monthly savings - about 500e
Total savings apart from 25K, 2000e
We wish to take mortgage for 15-20 years, and we would be able to pay around 1200 monthly for it.
We want to buy a house before I become 40 :)

I know that our situation isn't great, and maybe chances are small for a mortgage, but maybe it is worth to try instead of paying a rent for last 10 years. Last minute wake up it calls? :)

Both of my kids are at school while we work. I do 12 hrs shifts and after school part time is necessary.No other family here to help I'm afraid.

My husband is ben paying into pension from 2 years only.

Thank you
Sabina
 
Hi Guys,

I would like to hear your advice.

I met BOI Customer Agent and she checked each step regarding our account history and future mortgage.

Calculations: We could borrow 140.000 euro plus 25.000 we have plus one year of savings which will be about 7000 euros ( pay off credit card incl)
So we could have a look, next year for properties worth around 165-170.000.

While we were talking, the agent advice me to:
- insure the house goods while we renting ( around 10 euro monthly + each expensive device added would cost around 1-2 euro more)
- book a meeting with one of the adviser about Pensions and Life Insurance.
- open second level account to our daughter

I know she probably is paid for each products she sell, but is it worth to consider any of above with BOI?

I did not pay anything into pensions before, so I'm not sure if I'm 38 is still something to consider? How much you think would that be monthly?
Also, about life insurance... Last June I had a mole cut from my skin. Good as on right time. Melanoma cancer in situ, so nothing spread. In October doctors cut me an another part of healthy skin and all is clear. Thanks God!
If I meet the guy from BOI next week, I will ttell him all, but I don't think there will be any good option for me.

Ok. Please advice is the private pension worth to get? My salaries were always from 25-28 K per year,so in the future I'm not expecting a lot of money when I will be 66.

Sorry for my basic language, but this is the best way to ask.

Happy weekend all of you!
 
Consider any of the products if you think they would be useful but do not limit yourself to the bank's advisors, they can only offer you their own products. Listen to them by all means but go to an independent broker as well to consider other options.
 
Consider any of the products if you think they would be useful but do not limit yourself to the bank's advisors, they can only offer you their own products. Listen to them by all means but go to an independent broker as well to consider other options.

Yes, thank you. I will do exactly what you suggest.
 
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