Hi there,
We are currently living in a boom time apartment and hoping to buy a house this year.
Our situation is as follows:
Net basic income after tax: 5,800
Two children under 5. Creche fees 1,740
Mortgage on apartment that we are living in 1,200 per month. Current mortgage outstanding 290k. New apartments selling in complex for 135k. Rental income on similar apartments 1k per month. City centre location so good rental prospects.
My previous apartment has a mortgage of 104k. Similar apartments now selling for 80k-90k. Rented out consistently. Current rental income 700 per month, although I have left it low since I have a long term reliable tenant. Other apartments renting at circa 850/900 pm. Mortgage per month 814.
Guaranteed bonus of 2k (after tax) per annum. Additional non guaranteed bonus has been circa 10k (after tax) for the last 5 out of the last 7 years or so. Slightly less for two years where the economic system was at its worst but still about 6k (after tax).
We have a deposit of 160k, which comes from a house sale of an inherited house. We haven't been great savers to date but planning on saving 1,100 per month by direct debit.
Will the banks take the rental income and non guaranteed (but consistently received) bonus into account or will they just take our basic after tax salaries and deduct creche fees and full mortgages off this, ignoring rental income?
Thanks,
E
We are currently living in a boom time apartment and hoping to buy a house this year.
Our situation is as follows:
Net basic income after tax: 5,800
Two children under 5. Creche fees 1,740
Mortgage on apartment that we are living in 1,200 per month. Current mortgage outstanding 290k. New apartments selling in complex for 135k. Rental income on similar apartments 1k per month. City centre location so good rental prospects.
My previous apartment has a mortgage of 104k. Similar apartments now selling for 80k-90k. Rented out consistently. Current rental income 700 per month, although I have left it low since I have a long term reliable tenant. Other apartments renting at circa 850/900 pm. Mortgage per month 814.
Guaranteed bonus of 2k (after tax) per annum. Additional non guaranteed bonus has been circa 10k (after tax) for the last 5 out of the last 7 years or so. Slightly less for two years where the economic system was at its worst but still about 6k (after tax).
We have a deposit of 160k, which comes from a house sale of an inherited house. We haven't been great savers to date but planning on saving 1,100 per month by direct debit.
Will the banks take the rental income and non guaranteed (but consistently received) bonus into account or will they just take our basic after tax salaries and deduct creche fees and full mortgages off this, ignoring rental income?
Thanks,
E