D
i have been in my overdraft on a regular basis.
My bank statements show savings 200/mth
I'm of Brendan's generation (and probably same thought process as well) - you are seeking almost 6 times your gross salary.
Repayments on E185k - over 20 years at say 5% would amount to c. E1,218 per month or 44% of your gross salary...
I think you are proposing to take on too big a committment at this time...
pjmn
True - but perhaps the advent of 35 year mortgages are in part to blame for the situation the country now finds itself in - I'd suggest merit in reverting to the old style 20 year mortgage - and if one couldn't afford to pay off a mortgage over 20 years then don't take it on..... just my opinion.
If you don't mind me asking, who gave you a mortgage of 6.2 times your salary?
We went for a quick chat with our bank manager the other day, just to get the lay of the land. We've a combined income of €80k, savings of €45k, no loans, clean record, and 5 previous years of mortgage payments, and we were advised of a mortgage of €372k.
No one ever gave me a mortgage of 6.2 times salary - what makes you think that I got one?
Apologies.
That shoulda been directed at Renter27. Pressed the wrong quote button!
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