What's the upper limit I could afford for a house considering my salary as a first time buyer

I

IndianaJones

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I'm just wondering what's the upper limit I could afford for a house as a single applicant , I am hoping to buy a new build to take advantage of the help to buy scheme

Basic Gross Salary : 46K
Guaranteed Gross Shift rate 33%: 15k
Guaranteed Bonus: 8%: 3680k
Guaranteed Gross Shift Overtime:6500k
Overtime/Callouts: This is very variable the last 2 years my total gross yearly earnings when this was added was 75k I received an significant increase of 8k on my basic gross wage this year and I've done a lot more OT so my yearly overall gross for the year will be 90-100k

My one major disadvantage is that I'm now 44 so I need to buy soon or its unlikely to happen at all
 
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Apologies only getting back to this now. I have been historically bad with money. Only properly started saving in January , I have 10k in savings and my parents are willing to give me a gift of 10k
 
Maybe start by reading this as it will give you an idea of how the Central Bank mortgage lending limits may dictate the maximum theoretical amount that you might be able to borrow.

Taking out a mortgage

A mortgage is a long-term financial commitment. You need to assess your finances and ensure that you can manage the repayments. The Central Bank has set limits on the size of residential mortgages.
www.citizensinformation.ie www.citizensinformation.ie
 
I would suggest going to a good broker and see what they say.

There are other factor to considers then just mortgage repayments in the over cost of home ownership. Some of these are generic, insurance, utilities etc and some are specific, transport cost, furniture and fittings etc. You would need to do some research and see what level of mortgage repayment you would be comfortable with, raise in interest rate factored in, and then work back from there as such.
 
All the banks have some kind of mortgage calculator which will give you an indication. If I plug this into AIB's it suggests a maximum of 231,315 on a property valued at 257k, which means you'll need a deposit of €25,700. But before you get excited you'll also need about 5-7k in additional funds to spend on stamp duty, legal charges and property tax. If you've managed to save 10k in 6 months however, your best best is to consider saving the same for another 6 months to give yourself a better chance - I walked into my bank 3 years ago with 26000 saved (no family help available - they are extremely poor), and the bank would not even let me apply because I hadn't enough saved for stamp duty and legal costs.
Go talk to a broker though, they can give you a wider view.

As for your age, it sounds more difficult than it is - some banks (eg PTSB) will lend up to 70 if you have a pension so this isn't so bad as you think.
I was in the same position for years - lower income being the primary issue, and only started this year aged 49, but at end of day its still largely the same criteria around earnings that mattered.
 
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