Mortgage Approval in Principle - PTSB

Anomaly

Registered User
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Hello all,

I had a meeting with PTSB today to see how much of a mortgage myself and my partner would get if buying a house with savings of upto 30,000 (this is our target, about halfway there).

We have been saving for over a year now and put away about 700 each or just over a month. I earn close to 40,000 a year, and she just over 36,000. We are first time buyers and also have a 2 month old child. Our rent is currently 1500 which we pay comfortably per month and we have no loans/credit cards debts. I am 32 she is 33, and we are both in our current jobs over 5 months.

PTSB have given us a quote of of 220,000 lending from next year factoring in child care costs, and 240,000 lending if we are not getting child care (one of our parents can perhaps do it for free, we are not sure).

This to me seems quite low, they say they give you 3 and a half times your combined salaries which is just over 260,000, but they are obviously knocking a substantial chunk off due to a dependent.

Am I just being naive, and this is what I should expect? We were hoping for closer to 300,000 to be honest, and feel like we are priced out of the Dublin market now (or at least anywhere we want to live!). Perhaps PTSB aren't the best bank to go with (they are our current banking providers).
 
€220k sounds generous to me.
I was under the impression the days of 92% mortgages were long gone, and it was more like 80% nowadays.
The old rule of thumb regarding salary vs mortgage was 2.5 times. The ditching of this is often blamed with the bad old days.
 
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