Mortgage Question

L

Lan

Registered User
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43
We're looking to sell our apartment and purchase a house. The house is 25K more than what we would get for our apartment but with stamp duty etc would need to borrow an extra 75k approx.
Current mortgage is 322k and we have equity of approx 140k.
Combined earnings is 70k. Looking at the mortgage calculators on many websites we can only get approx €305 - less than what we have.
My question is this: What can we do to make our application more favourable. I know we can afford the repayments. I'm a part qualified accounant so earning will increase over next few years -will this help? Morgage broker didn't entertain it the last time.
How would a guarantee help?
I really want to get out of the apartment and into a house asap as I'm worried if things go bad in the market we'll be stuck. All advice appreciated!
 
Based on joint income of €70,000 with no loans and a 35 year term you should qualify for €350,000 - possibly more given your occupation (depending on when you are likely to qualify). €400,000 would be a push but might be possible if you can show good savings over and above your current mortgage payments. A guarantor would also help depending on their income (not their assets).

Sarah

www.rea.ie
 
Thanks a mil.
I will qualify early 08. FIL will go guarantour - earns approx 80k - would this give us much leverage?
TBH don't have a lot of savings, just what I have been putting into my ssia.
Really want to do this but don't want to look like a fool applying when all the calculators say nowhere near what I need!
 
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