in need of advise

S

sonya

Guest
hi there
myself and my partner are hoping to get a place of our own asap
i work in a financial institution but not a bank or building society ,earning aprox 25000 inc bonus . my partner works in a trade recently qualified and is now earning 16000 per annum plus commission which would average about 1200 per month. this is only a recent change in pay scale for him . what do we do next , how long should we wait to apply for a mortgage now his wages has improved
A very close family friend has offered to go garantor for us if we need is this possible .
we would be hoping to borrow 300,000 . we do not require a 100% mortgage as we have savings to cover the other percentage .
any advise would be very helpful.
 
Do you mean he earns €1200 a month in commission on top of his basic salary or is it that his average take home pay, including commission, is €1200?

How old are you both and do either or you have any loans?

Sarah

www.rea.ie

P.S. Lenders generally will only take direct family (mother/father/sibling) as guarantors - not friends.
 
Based on those wages you could be approved for approx 200K max most lenders will consider for a garantor is 50K....total 250K
 
How much of your 25k salary is a bonus and what ages are both of you?

Assuming you can take a 40 year term and you do not have any borrowings you could probably borrow in the region of 265k+ as you are not looking for 100% finance.
 
he would earn 1200 in commission on top of this basic
we are both 22 and have no loans .about 3000 of the 25000 i earn would be bonus.
 
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