Income 31K!

[OnLooker]

Without knowing your personal circumstances - income, existing mortgage/loan repayments, if you are currently renting etc., it is diffiicult to say how you could qualify for a higher mortgage. A €240k mortgage over 30 years would cost approx. €1270 pm, rising to €1580 if interest rates increased by 2%, which is a little more than you are currently saving. Would you be comfortable committing to more than this by taking out a higher mortgage?

If so, would you qualify for a longer term that 30 years? Would you be in a position to rent a room? Do you have any existing loans that you could repay from your savings? These will all help to boost the amount you can borrow.

Just another question. Should currently having a house be a major obstacle to purchasing another? I thought it might be good because you have showed that you can repay the mortgage. I may only save 1500 a month but I overpay the current mortgage by €250 a month to offset any potential unforseen problems.

I have had the same resident for the last 3 years. The house was bought cheaply & houses in the area are not going down in price due to the estate being an established area with great transport links & schools.

 

[Hel_n]

Having an existing property isn't really an obstacle but the mortgage repayment is still classed as an outgoing. However, if you are renting or intend to rend the property , most of your rental income can be offset against the mortgage repayment. Have you advised the lenders that you have approached that you are renting your existing property? Also, did you include the €250 overpayment when you advised them of your mortgage repayments?

 

[Olly64]

im after doing the first active calculator, and put in my earnings at 30k and left car loan as nil, it is still showing €150000, should i contact them in person, or will i shop around????

 

[Bubblebunny]

im after doing the first active calculator, and put in my earnings at 30k and left car loan as nil, it is still showing €150000, should i contact them in person, or will i shop around????

I found the best thing to do was to go through a mortgage brokers and let them find the best deal for you.