Based on a 35 year mortgage, y
I just inputted your salary details on BOI's mortgage site. It suggested you could borrow €499,000. That was on the basis of you both being 1st time buyers and (obviously) no mention of your boyfriend's "investment" property.One caveat...as you're not married, tread carefully and cover yourself.
I just inputted your salary details on BOI's mortgage site. It suggested you could borrow €499,000. That was on the basis of you both being 1st time buyers and (obviously) no mention of your boyfriend's "investment" property. Based on this indicative figure, what you're looking for shouldn't be beyond the realms of possibility. Based on a 35 year mortgage, your total repayments would be circa €2,400 per month (including the 50% of the investment property mortgage repayment). Given your joint net monthly income should be circa €6,500 plus rent of (say) €500 (i.e. 50% of €1,000), I don't think your proposition is unrealistic. Plus, as you say yourself, you expect decent pay rises over the short to medium term. I'd suggest you have a chat with a broker. Best of luck. One caveat...as you're not married, tread carefully and cover yourself.
Have we not all learned from the financial crisis 35-year mortgages are crazy and irresponsible??
OP - There are many threads with people giving personal experiences of getting mortgages recently and the amount they could borrow etc. There is no standard it seems, all depends on personal debt (should have none really as that's what banks seem to want) and savings and job security etc. I would not be basing anything on an online calculator especially the above based on being 1st time buyers with no investment property, then it's just not relevant to your case is it? You should get a mortgage broker (you don't usually pay them the bank do if you get a morgage)
Pat - what does it mean tread carefully if not married?? Both parties would be named on the mortgage and the house deeds so how is this important?
Protocol, the OP and her partner want to purchase a home. 35 year mortgages for people buying homes did not cause the financial crisis.
Fizzelina, note my use of the term "indicative" and the caveat included in my post. As far as I know, there are no online mortgage calculators where you can enter details such as the OP's. I wouldn't suggest basing anything on an online mortgage calculator either. However, they are useful for establishing whether a proposition is ridiculous or not. Clearly, the OP's isn't. That's why I suggested the next step should be speaking with a broker.
As for my warning about "treading carefully", I think that's sound advice for any boyfriend and girlfriend purchasing a home together. What if the relationship turns sour? Who's contributing what? And let's not ignore the slightly unconventional funding arrangement in relation to the apartment purchase. A quick search of this site throws up quite a few tales of woe in relation to property purchases by unmarried couples. Justification for advising someone to "tread carefully", no?
However, there's nothing wrong with a 35 year mortgage, particularly if you're buying when the market has bottomed out and you're in a decent job with decent salary that mitigates against defaulting on the loan in the short or long term.
"particularly if you're buying when the market has bottomed out"
Since you can see into the future can you tell us where interest rates will be?
No they didn't cause the financial crisis but they contributed to it.35 year mortgages for people buying homes did not cause the financial crisis.
No they didn't cause the financial crisis but they contributed to it.
I don't agree. There's absolutely nothing wrong with a 35 year mortgage.
How exactly did 35 year mortgages contribute to the financial crisis?
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