Mortgage Approval and how much would we qualify for?

D

deedee80

Registered User
Messages
441
Hi there

Details as follows:
Husband salary: 110000 with annual bonus circa 12000 (Permanent job)
Wife salary: 14000 (working part time. Permanent in current job 9mths)
No loans
Ages 35 and 36
No childcare
Children aged 6,3,2
Equity of 150000 in current home to use as deposit
Savings of 40k.

I am wondering how much are we likely to qualify for and given that my wage is so low will it be considered? Going part time has saved us a fortune in childcare so it kind of balances out.
 
3.5 times salary is the max you can get under Central Bank rules.

The bank will look at ability to repay your mortgage if rates increase by 2%. You have to show them that you pay increased repayments through:

  1. Current savings
  2. Current rent/ mortgage (that will finish)
  3. Discontinued loans
How much are you currently paying for your mortgage and what are your current regular savings?


Steven
www.bluewaterfp.ie
 
Our current mortgage is 1400 pm and we are saving min of 1500 a month, some months 2000.
 
HI deedee,

I'm in the process of applying for a mortgage and have 2 approvals. I found the Ulsterbank adviser very good to deal with, he looked at my figures and gave me a good estimate of what he thought I would achieve before putting in the application formally. It might be worth your while to arrange a meeting with your local UB adviser and see what they say.
As it happened, I have got a better offer from another bank so probably wont be going down the UB route, but I did find there adviser to be very helpful.
 
Hi Deedee

You will easily qualify for the max 3.5 times earnings with that level of savings and mortgage payment, so you are looking at a mortgage of c. €470,000.

Of course, it is all dependent on all your paperwork being in order and being satisfactorily underwritten.

Steven
www.bluewaterfp.ie
 
You must log in or register to reply here.
Back
Top