How much can I borrow?

[Burdock]

I have an income of 52,000, my partner has a tax free stipend of 18000 ( think this won't be taken into account as income as he is doing a funded PhD so is not permanent income). We have no loans and savings of approx 50,000.00. We have two children.

I approached Bank of Ireland as I am very interested in a local site that has come on the market for sale to buy and build. They would give mortgage approval of 200,000. Unfortunately that would leave us short.

Does anyone know if there is any point in approaching a broker, or have a recommendation for a good broker in the Limerick area? And does anyone have an idea if we could get approval for more, and how much?

 

[garclo]

you should try EBS. they offered us a lot more than BOI or AIB. they have an affordability calculator on thier website.

 

[okeydoke]

you can't buy a site and build a home in Limerick for 200 + 50K savings. Sounds very odd to me. I bet the bank has some concerns since 200K is below the normal multiplier.

 

[Burdock]

you can't buy a site and build a home in Limerick for 200 + 50K savings. Sounds very odd to me.

I'm not sure what you mean? The site we would like to buy has full pp, but the pp is for a very contemporary design for a house of approx 2300 sq. feet. Plenty of people will tell you that you can build a house for 70 to 80 square foot but that would be builders finish, standard construction. This house is not standard construction, and I don't see it being built for less than 250,000- and I would hope to finish it for that, but maybe not. But then there is the price of the site as well as stamp duty to factor in. So yes, 200 + 50 is well short.

As for the bank having concerns- well yes, as I said they won't take my husbands income into account. We don't have any credit history issues or anything like that, if that is what you are hinting at.