Looking to get a mortgage

E

Emilbronte

Registered User
Messages
4
Looking to apply for a mortgage, would appreciate any advice. So, here goes:
Single applicant, 2/3 bedroomed house in Cabra,
Property value €230-240k
Amount of mortgage €175k
Term of mortgage 30 years
Savings of €65k (28k savings, 20k gift, 17k legal settlement)
I'm 33, working in public sector for 2years, permanent position
No children
No court orders or judgements
No loans
Credit card with€1500 limit, owe €350 on that, for 2 months I have been paying it off since Christmas spending
No negative credit history
Rent €500 per month and saving €800 per month clearly visible on bank statements
Went over my overdraft this month because I forgot to move money from savings account into current account (doh!)
Never been refused a mortgage, previous application was approved 3 years ago but I didn't buy

Will I get a mortgage? If not why not?
Thanks for reading and any replies appreciated
 
Should have added that I was sick over the last year so last years p60 won't reflect my salary, will this make a difference? How far back do the banks want bank statements from?
 
you havent givent any details of your income. Considering that now there is a max loan of 3.5 of salary restriction you may have a problem unless your on 70k.
 
Sorry, I missed that bit, my gross salary is 65k but I made about 56k last year due to being sick. I was thinking of going to a four day week which would mean I earn €51k per annum - at 3.5 times that i would supposedly get €175k of a mortgage right?
 
Figures look good for you. At 51k gross your monthly net income would be 2,992. Living expenses should be c1,233pm per standard for our bank. If you have a car that would cost c308pm. Loan repayments on 175k over 30 years at 4.5% would be 887pm and at 6.5% (stressed) would be 1,106pm. Given savings record and assuming you can meet the deposit requirements, you should qualify for a 175k mortgage.
 
44brendan said:
Figures look good for you. At 51k gross your monthly net income would be 2,992. Living expenses should be c1,233pm per standard for our bank. If you have a car that would cost c308pm. Loan repayments on 175k over 30 years at 4.5% would be 887pm and at 6.5% (stressed) would be 1,106pm. Given savings record and assuming you can meet the deposit requirements, you should qualify for a 175k mortgage.
Click to expand...

Hi

Where does the €308 come from?

Internal estimates?

Thanks
 
You must log in or register to reply here.
Back
Top