If you clear the CU loan, you should be able to look for houses between 250-280k.
Can you explain the second part of sentence.?€65k income at 3.5 LTI limit gives you mortgage of €227,500, but dependents will see that reduced on affordability grounds.
So that means we need to have 3050€ left in month to be afordable for the new mortgage. And do you know when you use calculator for mortgage is there calculating 4 kids?Ebs....
1. A couple with kids
A couple with one child must have €2,300 left in their bank account after all other expenses (like childcare, food, bills, etc.) have been deducted, and after their future mortgage repayments have been factored in.
Couples with more than one child will need an extra €250 for each thereafter.
We can get 25 years i think because we are 34 and 37 years old, we pay 620€ for mortgage and 560€for loan.I think the above criteria is worded poorly (I don't know anyone who has 2,300 left after paying their mortgage and all other bills including food).
The criteria would be to have 2,300 (plus 200 to 250 for each additional child) of your net monthly income left over after paying mortgage and any other loans. This is to leave enough to pay all your other living expenses.
The criteria is broadly similar across the banks, except that Ulster bank count children's allowance as income (they've a slightly higher threshold to pass), so they would normally lend more than the other banks to larger families.
You've a joint net income of about 4,250 per month? So 1,200 mortgage payment. Your ages will determine maximum term, but if you can get 25 years then around the 227k mortgage is possible (which is 3.5 times income).
But, you need to get rid of the loan. A 5k loan will reduce your mortgage affordability by over 20k.
You'd need to check with your bank if there is a break fee. If you take the new mortgage from the same bank, they might roll the mortgage rate over.And now im thinking, we are on fixed rate, so if we sell house are we gona pay fine? Thanks
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