FTB mortgage approval

[Confused FTB]

Hi,

im wondering can anyone help me. Currently looking to apply for a mortgage with my partner with AIB. We are both FTB, joint incomes total €53k, we have no loans, one credit card but balance is at zero. We have about €14k in savings and are both paying about €400 at home in rent.
What would the chance of approval be. We are not looking for a large mortgage, probably about 185 max?

Thanks for your help

 

[mihaela]

I can't post the link, but go on BOI page. They have a mortgage calculator. Also have a look at mortgage.ie. Obiously there is no guarantee, but it will give u an ideea.

 

[bugler]

You will most likely need a bigger deposit, I would think.

Taking your quoted figure of 185k of a mortgage (I know you said max), you don't even have a 10% deposit.

Ensure you have an established pattern of saving and work toward getting a 15% deposit.

 

[Troy McClure]

Just to echo what Bugler said. You need an minimum 8% deposit, probably more. The banks put everyone through the ringer now. You may consider bringing down your budget or saving more and waiting longer before buying. As FTB you will lose TRS if you wait beyonf 2012, so maybe see whats affordable at 140 or 150k mark.