Will we get a mortgage FTB

D

Davybaby

Registered User
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Long time lurker looking for some help please. We found a property agreed a price of €155,000 put a deposit on it last week pending approval.

Salary: €35,475 public sector
Wife salary: €20,000 Bonus:€950 Commission: €2,200 private sector
One child No child minder fees thank god for grannies. Both are first time buyers

One credit union loan €7500 but have €5500 in shares & Credit card €400

€30,000 savings (Post office & bank). We are renting for the last 9 years paying direct debit of €480 per month
Save 830 per month which is regular savings shown on statements.
 
Thanks had plans on doing that alright but was reluctant didn't want our savings to drop to much
 
The AIB mortgage calculator is the best one for establishing how much you can borrow.

https://mortgage.aib.ie/mortgageform/mortgage-calculator

I put in your figures, and it seems that they would approve you for a mortgage of €130,000 with repayments of €613 per month over 35 years.

Agree with ted.

You have a net loan of €2,000 from the Credit Union on which you are probably payng around €600 a year interest or an APR of around 30%. Pay it off immediately.
 
Thanks Brendan, I'm going to ring credit union in the morning and pay it off, hopefully we should get the mortgage then
 
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