How much of a mortgage am I eligible for?

[JackBlack]

My partner owns a house already. It is in an area that is quite popular so we don't envisage an issue in selling it.

I would be a first time buyer. Is there an option to buy together with a discounted rate or do I lose my first time buyer rate because he already owns a house? Would we have to have 20% deposit?

Secondly, if I were to apply for a mortgage on my own, what kind of mortgage would I get? Is it 3.5 times your gross salary? I earn 51,000 gross yearly. I know obviously loans/credit history/ability to pay would be considered, but all things assumed to be good, what sort of mortgage would I be accepted for?

Any suggestions or recommendations please?

 

[Steven Barrett]

If you apply with your partner, you lose the first time buyers status and will have to have a 20% deposit. His existing debt will also be taken into consideration but so will the rental income.

With so many factors to take into consideration, it is impossible to say what you are eligible with just salary details. Best guess is 3.5 times salary.


Steven
www.bluewaterfp.ie