Can I get a mortgage

[WestsAwake]

Hi guys,

I`m a guy in his late twenties. I`m about to start a job earning about 40000 per year.

Now I'd like to buy a particular house which would probably cost around 300000.

Obviously, on my wages I cant afford it on my own. However, I do have a site for a house worth about 100000 (I don't want to live in the area myself).

Without selling the site, could I use it as collateral, and maybe get the 300000 mortgage?

Thanks,
P

 

[rmelly]

Re: Can I get a morgage

I doubt you'd get €300,000 purely on ability to service this level of mortgage. Assuming 40,000 is gross, your take home pay is approx €2700, servicing a mortgage of €300000 would exceed 50% of your take home salary even for a 35 year mortgage after TRS for single person. You could use the rent a room scheme, but I don't think this is going to make that much of a difference, depends on local rents.

 

[WestsAwake]

Re: Can I get a morgage

Thanks, I figured as much. I wonder what would be the most I could expect to borrow at my present income.

I hoping to save a good deposit over the next year and a half, so I`m not in a panic to buy...

 

[Thomas22]

Re: Can I get a morgage

Thanks, I figured as much. I wonder what would be the most I could expect to borrow at my present income.

I hoping to save a good deposit over the next year and a half, so I`m not in a panic to buy...

You should really work out how much you can afford to repay rather than how much the banks are willing to let you borrow.

 

[rmelly]

Re: Can I get a morgage

You should really work out how much you can afford to repay rather than how much the banks are willing to let you borrow.

Sure, but it there's no harm in knowing both.

OP, check with a broker to find how much you could borrow.