Hi, need some help here.... my wife and i currently earn €60,000 gross p.a between us.... what would be a ball park mortgage given to us? And please tell me how people can afford to buy apartments for €450k. I'm getting a little depressed when i search for affordable apts on myhome
Joint borrowers earning €60k-what can we get?
- Thread starter damien60
- Start date
I would have thought there are plenty of apartments available for less than €450k, or even €400k, but it's all a matter of personal choice of course.
There is always the 'wait and see' option-can property prices go much higher? What do you expect to earn in the future? What can you expect to save?
Have you considered Affordable Housing? Waiting lists seem to be long, so maybe it's not a realistic option.
There is always the 'wait and see' option-can property prices go much higher? What do you expect to earn in the future? What can you expect to save?
Have you considered Affordable Housing? Waiting lists seem to be long, so maybe it's not a realistic option.
E
Eleazar
Guest
Re: Joint borrowers earning €60k-what can we get?
Hello Damian
Just to let you know that the calculators you can use on various lenders' sites more often than not tell you that you will get much less than you will in reality. If you go to a mortgage broker - and I have dealt with the Irish Mortgage Corporation a couple of times in the last 2 years and I have found them extremely efficient (Chris Dale was my man, v. good) and there are no doubt other excellent brokers out there too - they will secure you a bigger amount. On your wages, you should get something between €300k - €350k I reckon.
If you are on a salary scale, some lenders take this into condiseration and will calculate the amount along those lines i.e. they will give you more because they know that your wages will go up. Ask the broker about this.
I would do my best if I were you to buy now. I wouldn't wait for the 'bubble to burst' or anything like that. If you can get on the ladder at all, then do it as soon as you can. 3 years ago, myself and my wife bought through the shared ownership scheme, a year later we were both promoted and were able to buy the apartment fully ourselves (or rather get the full mortgage ourselves) and now we have about 100k equity and are buying a bigger apartment.
It's all a bit nerve-wracking but I'm delighted we were able to buy somewhere. You might be earning too much for the shared ownership scheme but check it out anyway and check the affordable housing scheme too. But also see how much a broker will get for you - don't forget to ask them if they deal with all the major lenders and plenty of other lenders too so that you get all the options - and perhaps email the broker first with details of your circumstances and get him/her to do the spadework for you even before you get there.
Very best of luck to you, I'm sure it'll work out well for you both and you'll be proud owners soon. Remember the first place doesn't have to be a mansion!
Hello Damian
Just to let you know that the calculators you can use on various lenders' sites more often than not tell you that you will get much less than you will in reality. If you go to a mortgage broker - and I have dealt with the Irish Mortgage Corporation a couple of times in the last 2 years and I have found them extremely efficient (Chris Dale was my man, v. good) and there are no doubt other excellent brokers out there too - they will secure you a bigger amount. On your wages, you should get something between €300k - €350k I reckon.
If you are on a salary scale, some lenders take this into condiseration and will calculate the amount along those lines i.e. they will give you more because they know that your wages will go up. Ask the broker about this.
I would do my best if I were you to buy now. I wouldn't wait for the 'bubble to burst' or anything like that. If you can get on the ladder at all, then do it as soon as you can. 3 years ago, myself and my wife bought through the shared ownership scheme, a year later we were both promoted and were able to buy the apartment fully ourselves (or rather get the full mortgage ourselves) and now we have about 100k equity and are buying a bigger apartment.
It's all a bit nerve-wracking but I'm delighted we were able to buy somewhere. You might be earning too much for the shared ownership scheme but check it out anyway and check the affordable housing scheme too. But also see how much a broker will get for you - don't forget to ask them if they deal with all the major lenders and plenty of other lenders too so that you get all the options - and perhaps email the broker first with details of your circumstances and get him/her to do the spadework for you even before you get there.
Very best of luck to you, I'm sure it'll work out well for you both and you'll be proud owners soon. Remember the first place doesn't have to be a mansion!
Assuming you have no loans and you are aged 35 or under (i.e. to take a 35 year term) you qualify for €330,000 as a 92% mortgage or €275,000 as a 100% mortgage.
Sarah
www.rea.ie
Sarah
www.rea.ie
DubContract
Registered User
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Re: Joint borrowers earning €60k-what can we get?
Being in the same situation it is getting more difficult to get on the ladder as the first step seems to get higher each year.
In my opinion the best option would be to buy outside of Dublin as getting property for less than the €317,500 is very unlikely.
Being in the same situation it is getting more difficult to get on the ladder as the first step seems to get higher each year.
In my opinion the best option would be to buy outside of Dublin as getting property for less than the €317,500 is very unlikely.
DubContract
Registered User
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Re: Joint borrowers earning €60k-what can we get?
Not saying theres nothing, obviously there will be homes on the outskirts of Dublin, still under the FTB limit.
My expierience of these would be homes that start the bidding in the mid/late 200k's and end up at the 317.5k.
the only options are pitching your tent outside the newest building site/developement that springs up around town!
Not saying theres nothing, obviously there will be homes on the outskirts of Dublin, still under the FTB limit.
My expierience of these would be homes that start the bidding in the mid/late 200k's and end up at the 317.5k.
the only options are pitching your tent outside the newest building site/developement that springs up around town!
brodiebabe
Registered User
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Re: Joint borrowers earning €60k-what can we get?
Would you consider Dublin 15? Both Ongar and Tyrrelstown have apartments for under 300k. www.tyrrelstown.com
Would you consider Dublin 15? Both Ongar and Tyrrelstown have apartments for under 300k. www.tyrrelstown.com
Money12345
Registered User
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Re: Joint borrowers earning €60k-what can we get?
My advice to you is to get on the property ladder as soon as you can. Why not consider buying property in a location that has a high rental yield but lower house prices ie not Dublin. Galway, Mayo, Sligo. Obviously this is looking at it from an investment point of view. You'd buy fine property in these areas on your incomes. You probably could buy one each!!
You will stand to make money on this type of investment and also give you the opportunity for starting on the ladder.
I understand you want to live in your own property as opposed to renting but you never know this might be food for thought!
Good Luck!
My advice to you is to get on the property ladder as soon as you can. Why not consider buying property in a location that has a high rental yield but lower house prices ie not Dublin. Galway, Mayo, Sligo. Obviously this is looking at it from an investment point of view. You'd buy fine property in these areas on your incomes. You probably could buy one each!!
You will stand to make money on this type of investment and also give you the opportunity for starting on the ladder.
I understand you want to live in your own property as opposed to renting but you never know this might be food for thought!
Good Luck!
S
SteelBlue05
Guest
Re: Joint borrowers earning €60k-what can we get?
You'll find prices in Galway city to be well on par with Dublin. If you are looking in Galway county (20 miles from the city) then you'll find a lot cheaper e.g. 4 bed semi detached in Tuam 210k. But rule out Galway city as a target for cheap property.
Money12345 said:
You'll find prices in Galway city to be well on par with Dublin. If you are looking in Galway county (20 miles from the city) then you'll find a lot cheaper e.g. 4 bed semi detached in Tuam 210k. But rule out Galway city as a target for cheap property.