Second time buyer - Hoping to buy on my own!!!

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deetah23

Guest
hey

posting this in the hope that someone can give me some advice!!! I have recently split from my partner and we are selling our current home. I stand to leave with around the 20K mark profit which I intend on using for a deposit on a new home. Soooo in a nutshell I want to see if someone can advise me on the max amount of a mortgage I would get on my own. My current salary is 34,000 and I also get a guaranteed bonus of 2040 p.a on top of my salary. The properties I am looking at are around the 250,000 mark. I know it will be a bit of a stretch but I am fairly confident that I could afford the payments of around 900 a month. Is there any lender that would consider giving me a mortgage of around 225,000 on my own. My parents would go guarantor if need be as they have no mortgage and are still very young and both is good jobs but I really want to try and do this on my own.... Please advise because as much as I love the ol' parents the thoughts of moving back home 'indefinitely' are not very appealing!!!!!

Regards

S
 
If you are a 'professional' you might get €225k based on your salary and bonus (€36k). I know of someone (accountant) on €48k who is apparently approved for €340k, which is roughly 7 times salary (you are looking at 6.25).

But, I'm sure that some contributors would advise against borrowing at 6.25 times salary.
 
I was in a similar position and because I had built up a good credit history with my bank (Ulster Bank) of being able to pay the mortgage for the previous two years, I was offered 230,000 on a salary, which was more or less the same as you. Make sure you add in the fact that you'll be renting out rooms if you intend to on your application form as this will increase your chances and also go for 35 years if possible. You can always decrease this term as the years go on but it will make getting the mortgage easier.

Good luck!
 
If you can go as far as paying your half of the current mortgage and then popping the balance of the proposed mortgage monthly payment into a savings account over the next few months you would then be in a position to argue to the bank that you can afford it and they would look at you in a better light.
In other words, ensure that your combined current mortgage repayments and savings amount to 1K and you should be alright.
Before anyone shoots me down - this is what swung our mortgage amount for us, as our rent was 1K per month and our mortgage repayments were less, we could afford it, even though combined we were probably earning around the same as you mention.
HTH
 
if your parents go guarantor you should be able to get a bit more aswell.
 
You Might of course be caught for stamp duty on your new house if its above 125 sq m. so make sure you factor that in with your deposit.
 
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