how much of a mortgage would i get on 40,000k pa?

pennyboy1001

Registered User
Messages
24
Hello all,
I'm wondering roughly how much would i get on a current salary of 40,000k?
Also, how much would i have to come up with as a deposit? I only have 10,000K in savings so far.
Would everyone advise against buying this year(i'm first time buyer)
Penny
 
With a 92% mortgage that would mean you could buy a property for €125k, with a 8% deposit of €10k.

With a salary of €40k you would get more tha €160k mortgage but you'd need the deposit........keep saving!!!

With respect to if its a good time to buy this year, that it open to question. You earn an above average salary can you afford to buy an above average property?
 
surely the correct question is 'how much of a mortgage do I want?', not 'what can I get?'

my personal rule of thumb is not to pay out more than 25% of your income on shelter\accomodation
 
They say you should not spend more than 33% of your salary on your home. A mortgage on 40k would be a lot of pressure, i would only consider if i had my deposit or most of it saved...........
 
surely the correct question is 'how much of a mortgage do I want?', not 'what can I get?'
I think OP's question is correct.
I went to the bank yesterday to get a mortage for this [broken link removed]. I said "I want a mortgage for €27.5m". They said "No, but we will offer you a mortgage for €200k. That's the best you can get based on your salary".

OP, are you paying a rent a the moment?
if rent is low or if you are not paying a rent, my gut instinct would be to wait longer before buying.
 
Hi, put your name down for the Affordable Housing Scheme.

Its a great way to get started for people in your position, i.e. on a decent wage but still can't get a good mortgage.

[broken link removed]

I did it 2 years ago and have no regrets.
 
Did you not feel upset that on a decent salary of +€40k you had to go on an affordable housing list?

OP, what is your career path? You might be better off leaving Ireland and start a fresh elsewhere.
 
OP, what is your career path? You might be better off leaving Ireland and start a fresh elsewhere.

How off the wall is this, the OP comes in here asking a simple question about how the could afford to borrow and your telling them to emigrate!!!
 
If i was on a decent salary of €40k and couldn't afford to get on the housing ladder (unless i went on an affordable housing scheme) I would have to consider if the cost of living in Ireland had got too high!!! Could I be better off elsewhere!!

What's off the wall about that, its a logical thought progression. Its an option that should be consider, the grass could be greener on the otherside.
 
What this thread needs is more exclamation marks!!!!!!! Remember the more you use the more validity your points have!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
 
Mr DT "Did you not feel upset that on a decent salary of +€40k you had to go on an affordable housing list?"

Yeah its ridiculous (and I raised the issue with several local politicans at the time). But its not going to radically change anytime soon so I just moved on and applied for the scheme.

Now I have my own place with a manageable mortgage :)
 
Id say at the moment between the "r" word, the cost of everything and the weather we all feel like emigrating or moving into the Big Brother house!

Myself and several friends are in the same position, on about €40,000 and few options even with the location of whats being offered under AH here and believe me Id have no trouble with the issue of having to resort to this (after 6 years of college education and more letters after my name than the alphabet) if there was anything suitably located!

Now please excuse me while I go dream for a while on budgettravel.ie
 
Now please excuse me while I go dream for a while on budgettravel.ie

Excellent
 
Thank you all for advice,I just wanted a ball park figure of what i could borrow, there is no point looking for houses in the 400K bracket if i cannot get near it.
I am renting in dublin, fairly central, 6,600E per year, sounds high but you have to pay at least 4,500 even for a dump!
I'm in engineering. The emegration suggestion was good but i've tried that one.
I will see can I get a mortgage of over 160,000E and see about a loan from parents.
I will apply for the Affordable housing scheme and look for a wife.
Thanks again,
Penny
 
€6,600 per year to rent doesn't sound bad, I would hold off for a while rather than just buying a house for the sake of it.
 
E6,600 is actually very good. Especiallly for Dublin!!! I know, cheap rent areas and expensive rent areas. Due to where I worked, I ended up renting in a nice area but expensive so my rent was nearer E8,000 :( And that was a good price sharing with a flatmate paying the same amount in a 2bed apartment that wasn't a dump. There are lots of dumps out there....even in the 'good' areas.
 
Back
Top