Maximum mortgage question

stuckinflat

Registered User
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We’re in the process of looking to purchase a house in county Kildare. We sold our own house last year, with the mortgage paid off and some money left over for the next deposit. We have a mortgage approval for a house, but have now seen a better property, which is unfortunately quite a lot more expensive. I will make an appointment with our mortgage advisor, but that won’t be until next week.

Would anyone here be able to advice what is the maximum mortgage we could potentially secure:

Single income family.
2 kids
Total income – guaranteed €47,000, take home pay approx. €3,000 a month.
Currently not saving, but paying rent €700 a month
Savings – proceeds from house sale of €83,000
No other loans or payments, no credit cards and clean accounts.
Partner stays at home with kids, so no childcare fees.

We have been approved for a mortgage of €85,000, as the original house was cheaper, but are now looking at a house worth approx. €235,000, which would require a mortgage of €152,000.

Looking at the mortgage guidelines, we won’t be approved for this mortgage of €165,000, as this won’t cover the bank’s stress test.

Any advice?
 
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