How much could I borrow?

M

marnif

Registered User
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17
Hi
I am a possible first time buyer in galway. I earn aprrox €35,000 a year.
I have €15,000 in savings and I am expecting €15,500 from my ssia in november.
Can anyone tell me how much I could get to borrow for a mortgage?
Thanks
 
marnif said:
Hi
I am a possible first time buyer in galway. I earn aprrox €35,000 a year.
I have €15,000 in savings and I am expecting €15,500 from my ssia in november.
Can anyone tell me how much I could get to borrow for a mortgage?
Thanks
Click to expand...


According to this website u could borrow 178k [broken link removed]
 
depends a lot, are you a civil servant or do you have a proper job :p ???
 
4x or 5x depending on your career prospects and whether you are statutory etc etc .

if you are a contract researcher or a tutor the multiples will be much lower because you cannot prove you will get better tenure .
 
Because of your job and savings your case would probably be considered to be strong. On a quick calc I'm coming up with around €220K (assuming you are single with no dependents)
 
Hel_n said:
Because of your job and savings your case would probably be considered to be strong. On a quick calc I'm coming up with around €220K (assuming you are single with no dependents)
Click to expand...

Do you mind me asking, but where are you getting your calculations from?
 
By taking 40% of your net monthly income (plus part rental if you are single) and stress testing (your max monthly repayment if interest rates were to rise by 2%) this figure over the term of your mortgage you can see how much you qualify for. Because of your job with the university and savings, some lenders may allow 45% of your net disposable income. This figure was based on a 92% mortgage - it would be less if you were looking to borrow 100%
 
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