EvenStevens
Registered User
- Messages
- 72
I'm at the start of saving for a mortgage deposit and that seems such an impossible mountain to climb to get a 20 percent deposit together. House prices appear to be just going up. If I could actually manage to get for example 30,000 together in the first place the chances of getting a place for 150000 by the time I get to that point are slim to none.
Well I am a little fed up to be honest.
Other half and I were hoping to apply next year. Application would have to be based on his salary as I am a contract worker (although I have never been out of work). We have a 10% deposit already, no problem. But with a wedding next year, making a 20% deposit seems like a massive obstacle. And don't talk to me about the frikkin ridiculous variable interest rates at the moment. The mortgage rates are half that in Finland.
In a 6 month period, 15% of a banks loans can be over the 80% LTV limit. On the multiple of salary limit of 3.5 income, 20% can be over that limit in the 6 month period.
Steven
www.bluewaterfp.ie
Do you know if that's a rolling 6 month period (where one might want their application accessed on the 1st of the month) or set 6 month periods?No need to fret.
Well I am a little fed up to be honest.
Other half and I were hoping to apply next year. Application would have to be based on his salary as I am a contract worker (although I have never been out of work). We have a 10% deposit already, no problem. But with a wedding next year, making a 20% deposit seems like a massive obstacle. And don't talk to me about the frikkin ridiculous variable interest rates at the moment. The mortgage rates are half that in Finland.
But with a wedding next year, making a 20% deposit seems like a massive obstacle.
Aggggggghhhhhhhh!
we'll only want a mortgage of max 2.75 x combined incomes with both of us in permanent pensionable jobs but due to a couple of misfortunes in the last few years our savings have been seriously diminished. Getting the rest of the way to 20% of a property price, while already paying about 120% of a mortgage repayment in rent, will take AGES. So the fact that we have clear ability to pay, and good savings bar a couple of large but explicable transactions that diminished them, will count for nothing.
Stupid arbitrary rules!! Thanks, previous generation of lenders and borrowers...
1. On a repayment scenario 3.5x salary is a high bar. I know many clients in mortgage arrears who are under that bar but still have difficulties in meeting mortgage payments. Most of those cases relate to couples with 2 salaries and no family who subsequently find themselves with a 3rd/4th mouth to feed and associated childcare costs which are nearly a mortgage payment in themselves.
2. Rental charges in Dublin are gone crazy. I agree that in many instances it would be cheaper to get a mortgage than continue renting. .
What budget have you for the wedding? (rhetorical question) If you are seriously trying to buy a house, you should not be planning to spend real money on a single day out.
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