first time buyer: 28k and 24k income, 25k savings: looking to borrow perhaps 200-230k

B

berty58

Guest
Myself and my girlfriend are thinking of getting on the property market.

We have no loans and have over €25,000 in a joint savings account and are both permanent in our jobs me earning €28,000 and the missus earning €24,000.

Listening to the radio and reading papers we are thinking we would get refused.

Id like to get some info on the banks and are they lending.

We know we have to go into the bank and apply but are we just wasting our time in doing so.
 
Re: first time buyer

How much would you hope to borrow ? Having no debts & the savings is a great plus. There is absolutely no harm in going and talking to one or two lenders and get the feel of the ground. They are lending - just much more carefully ;)
 
Re: first time buyer

we would be looking to borrow 200000 -230000
 
Re: first time buyer

Im no expert but it sounds attainable to me . Ive just dealt with EBS and I found them great - low earner myself but got what i needed .
 
Re: first time buyer

I think the AIB is lending to first time buyers. I don't think you'll have any problem getting are mortgage providing you both have secure jobs, if there is such a thing as a secure job.
 
Re: first time buyer

Hey Berty,

Sounds like you should'nt have any problem getting mtg.

My advice if you could wait for couple of more years please do.

Believe me when I say it market is still overpriced unless you can get a gr8 deal.

Best of luck.
 
Re: first time buyer

Hi Berty,

My boyfriend and I got our keys last week and I have to say it was so hard to get the mortgage even with joint income much higher than average, savings same as you, no loans.

AIB refused it.

We used a broker and it meant he knew how to approach the banks, which ones to ask etc and prepared a file so it would not be refused by banks.

You shouldn't apply unless you are pretty certain you will get it as banks always ask have you been refused before for a mortgage and if you have been refused it can go against you.

Of course without using a broker it's hard to know if you would get it (btw we didn't pay the broker the bank did). Also we got a 90% loan, seems harder to get more these days. Good luck with the mortgage application.

BTW in the end the multiple of joint salary to amount of mortgage was that we got 2.5 times the joint salary, not even that much to ask for but tough to gt out of the banks.

And we both had credit ratings that were perfect!
 
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Re: first time buyer

completely different experience here - a little over average income, no loans, and 20 k savings got us a mortgage easy enough (but we're both in our jobs 5 years +) - we're getting the keys next week. Mortgage is 2.5 times our combined income.

Sure, you could just ring up AIB and get a 'rough idea' over the phone. I don't think this would work against you.
 
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