Mortgage

mariaalice

Whats the maximum mortgage that a person earning 50k could get...deposit for new house should be about 45% of the cost..

seamus

Put simply, the bank will usually give you whatever they think you can afford. You can use other tricks to get more money - get a guarantor, plan to rent a room, etc.

As a rough guide, the bank will a first time buyer 5-6 times your current annual salary - that is assuming that you have no other major outgoings (big car loans, estranged children, etc). What the bank will usually do is work out how much can afford per month, then work out how much that would allow you to pay off over the period, based on the current interest rates + about 1.5%.

ixoy

Another way they looked for us when we sat down to talk about it (so without an actual official quotation), is that they worked out how much the repayments would cost per month as a % of our monthly net salary and see that it feel within certain parameters. They seemed to factor in the monthly tax relief too when we went to the EBS. If it's below 30% then you'll be sorted and if it starts to approach something like 40%, we were told, that you'd be more heavily credit checked, etc.

BC

They usually work it out so that the mortgage payment is no more than 35% of your net income. So the amount you can borrow will depend on whether you have loans or not.

I earn 50K and have no loans and I got offered 235,000

miju

maximum mortgage you could get would be about €237,000

have a look see here http://www.mortgages.ie/borrow.cfm