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Salary and Loan

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  • 21-06-2007 1:56pm
    #1
    johny28
    Closed Accounts Posts: 90 ✭✭


    From your expereinces how much FCC gives for the loan is it 4*salaray or 4.5*salary?

    Also, if FCC approves a loan of 160,000 to an applicant, would this applicant stands a chance of getting 3 bed house offer?say with 10,000 to 15,000 saving?

    Thanks

    John


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    #2
    Posy
    Moderators, Recreation & Hobbies Moderators Posts: 27,535 Mod ✭✭✭✭Posy


    It depends how much the house is. Everyone gets provisionally approved for €160k. The maximum loan you'll get at final loan approval is €185,000. They want your mortgage repayments to be no more than 35% of your monthly salary.
    There were three bedroom houses around Balbriggan that were about €175,000 last year. However some properties are about €220,000 so you would need a minimum deposit of €35,000.
    Offers are based on where you are on the list though, so everyone is shown the same apartments/houses etc no matter what their money situation is.
    However, be warned- three bedroom houses are very very scarce.


  • Options
    #3
    johny28
    Closed Accounts Posts: 90 ✭✭johny28


    Karyn wrote:
    It depends how much the house is. Everyone gets provisionally approved for €160k. The maximum loan you'll get at final loan approval is €185,000. They want your mortgage repayments to be no more than 35% of your monthly salary.
    There were three bedroom houses around Balbriggan that were about €175,000 last year. However some properties are about €220,000 so you would need a minimum deposit of €35,000.
    Offers are based on where you are on the list though, so everyone is shown the same apartments/houses etc no matter what their money situation is.
    However, be warned- three bedroom houses are very very scarce.


    Hi Karyn,
    Many thanks for your advice, Afterwards I called the council and they said there is a good a chance of getting three bed room house with this loan and with 25k saving.

    Though they said what they get mostly at the moment are two bed appartments..

    Thanks Once agian


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