How much could we borrow?

[Gio]

Hi,

We are planning to move back to Ireland next September. Our hope is to save approximately Euro 45,000 for a deposit on a house. Our projected gross income would be Euro 55,000 (a conservative estimate). We are both close to 40 years old and would be FTBs, no children. I am a psychologist and my husband is a carpenter. I have an outstanding loan of approximately EURO 27,000 on which I pay about Euro 150 per month. If push comes to shove, we could probably come up with another Euro 10,000 for the deposit. Can someone give me an estimate of how much house/mortgage we could afford?

Thanks in advance for any advice.

 

[Gordanus]

From the Psychological Society of Ireland website, salary scales:

Psychologist, Clinical and Counselling

January 06- €50,866-€53,103-€55,328-€57,533-€60,308-€64,532-€68,350
€72,217-€75,366-€77,796-€80,230 LSIs

June 06- €52,138- €54,430- €56,711- €58,971- €61,816- €66,145- €70,058- €74,022- €77,250- €79,741 (1)- €82,236(2).

Psychologist, Senior Clinical and Counselling

January 06- €74,485-€76,255-€78,040-€79,815-€81,577-€82,252-€84,900
€87,551 LSIs

June 06- €76,347- €78,161- €79,991- €81,811- €83,617- €84,309- €87,023 (1)- €89,740 (2).

 

[MortgageBrkr]

Gordanus I dont think Gio asked for a salary scale??

Gio you could borrow approx 280K!

 

[bobk]

On the income details you provided you could borrow approx 300,000 - possibly a little more depending on your qualification and employment details for your husband.

 

[liteweight]

Gordanus I dont think Gio asked for a salary scale??

Gio you could borrow approx 280K!

The point of the scale is that she could possibly earn the 50k alone, so if husband gets any kind of job, the income quoted by OP is grossly understated. Happy days may be ahead!

 

[Gordanus]

Gordanus I dont think Gio asked for a salary scale??

I know that but my point was- psychologists are very well paid in Ireland compared to other countries - and the original poster may not have known that.

 

[Gio]

Thank you all for your comments/information. Gordanus, I appreciate you sending me the salary scale. I am a School/Educational Psychologist and am being conservative because most of the jobs advertised are for Clinical Psychologists. So I was thinking that I might have to start out with a more entry-level job.

If Liteweight's prediction comes true, then Happy Days would be very welcome!