help

[mushie]

My son wants to buy a house. he earns 50,000 euro a year but has no savings[Paying off a car lone 130 euro a week will be finished in three months] He needs 350,000 will any bank lent him this kind of money and what will the repayments be.

 

[sullyman]

Try and clear the car loan before applying for the mortgage. Then, perhaps, you could go Guarantor if he cannot get approved solely.

Repayments would be approx €1500-1700 over 35 year term. If car loan is paid off, i would then allocate the approx extra €500 montly from car loan against the mortgage (Providing mortgage is variable and not fixed) which would decrease the overall mortgage interest and reduce the term of mortgage by approx 15 years.

 

[Howitzer]

50K would give you an after tax salary of ~3K per month, assuming no pension. Supposedly 45% of after tax income is the max anyone will allow you to borrow. So repayments of ~1.35K per month. Looks like your son would be slightly short according to the standards that the banks say they adhere to.

 

[ClubMan]

help