Personal details
Your age: 43
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: €49,211
Monthly take-home pay: €3,130
Type of employment - Employee
Employer type: Public servant
I have been saving regularly with a mortgage in mind
Summary of Assets and Liabilities
Savings: €60,000
Other borrowings – car loans/personal loans etc
No credit card
No loans
What specific question do you have or what issues are of concern to you?
Need to buy my first home in the midlands and I may have the opportunity to purchase a 3 bed home under the Affordable Homes Scheme, details as follows:
Market Price: €330,000
Max Council Equity Stake: €62,350
Help to Buy allowance: €17,000
Option 1
Mortgage (at standard 4 times salary): €196,844
That leaves a deposit and cash requirement of €53,806.
Option 2
I have spoken with a broker who has advised that some of the main lenders may give a mortgage at two points up the public service payscale. Which would mean:
Mortgage (at 4 times €53,866): €215,464
Deposit and cash requirement: €35,186
I would have stamp duty and legal fees. I would have to floor the house and buy all electrical, white goods and furniture.
The house is expected to be ready in May/June and I would save another €5,000 or so by then. I could hopefully also avail of 2% cashback on the mortgage which would provide another €4,000 or so.
All of the above is of course subject to approval etc..
I suppose I am asking about the affordability, the Affordable Homes Scheme, the buying a new home as apposed to an older one, the mortgage options, and if you think this is a good opportunity.
Your age: 43
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: €49,211
Monthly take-home pay: €3,130
Type of employment - Employee
Employer type: Public servant
I have been saving regularly with a mortgage in mind
Summary of Assets and Liabilities
Savings: €60,000
Other borrowings – car loans/personal loans etc
No credit card
No loans
What specific question do you have or what issues are of concern to you?
Need to buy my first home in the midlands and I may have the opportunity to purchase a 3 bed home under the Affordable Homes Scheme, details as follows:
Market Price: €330,000
Max Council Equity Stake: €62,350
Help to Buy allowance: €17,000
Option 1
Mortgage (at standard 4 times salary): €196,844
That leaves a deposit and cash requirement of €53,806.
Option 2
I have spoken with a broker who has advised that some of the main lenders may give a mortgage at two points up the public service payscale. Which would mean:
Mortgage (at 4 times €53,866): €215,464
Deposit and cash requirement: €35,186
I would have stamp duty and legal fees. I would have to floor the house and buy all electrical, white goods and furniture.
The house is expected to be ready in May/June and I would save another €5,000 or so by then. I could hopefully also avail of 2% cashback on the mortgage which would provide another €4,000 or so.
All of the above is of course subject to approval etc..
I suppose I am asking about the affordability, the Affordable Homes Scheme, the buying a new home as apposed to an older one, the mortgage options, and if you think this is a good opportunity.