Getting a mortgage - first time buyer

T

tippgirl

Guest
Hi,
I'm looking for some help! Anybody out there who can give me some advice/tips/ideas please reply...

I really want to apply for a mortgage as I'm just dying to own my own home (sick of paying outrageous rents in Dublin when I could be paying for my own place), but before I do I would love to find out if I'm wasting my time at this stage and would be better off holding out for a while longer.
Here are my financial details:
- Salary 53K basic
- Bonus of about 12% Per Annum
- Nearly qualified as a professional (should be, hopefully, in a few months!)
- Expect salary to increase to approx 65K basic after this and continue to increase then with experience
- Little savings - approx 6K at the moment
- Car Loan - with outstanding balance of 14K

- Would like to buy in Dublin commuter town so approx price around €350K for house.
- Would like to buy with my boyfriend, however he's still training in his job(another 2 years apprenticeship) - would the banks take into account his future earnings? Would we better off just getting the mortgage in my name or would doing a joint application be more beneficial?
- We would also like to rent out a room in the house we buy - can the banks take this income into account?

Would love to know if I would be granted a mortgage by some or any of the banks, and if so how much??

Thanks a mill, any thoughts greatly appreciated as I'm still learing about all this.
 
Most banks have an online calculator that will tell you if, and how much, you could be approved for.
 
If your partner is not earning you would be better applying on your own - the lenders will not take his future income into account and do not factor in room rental when the applicant is from a couple (they assume you'd want, ahem, lots of privacy :D ) so you will get more as a single applicant than as a one income couple.

If you could post details of your car loan payment you'll get a good indication of your borrowing capacity. (Oh, and include your age too please.)

Sarah

www.rea.ie
 
Thanks everyone.
My monthly outgoing for my carloan is 457 euro a month.
Also, I'm 24.5 years old.
Good point about whether to apply as couple or on my own - thanks, it makes sense to apply in my name only.
 
tippgirl said:
I'm just dying to own my own home (sick of paying outrageous rents in Dublin when I could be paying for my own place
Click to expand...

How much in outrageous rent are you paying? It might be worth considering the outrageous amount of mortgage interest you would be paying to buy a place in a Dublin commuter town. Sometimes when you're "just dying" to do something, it's easy to overlook the detail.
 
With your car loan remaining your max. is around €235,000. With the car loan gone this rises to €310,000 including room rental.

Sarah

www.rea.ie
 
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