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Some Mortgage advice please

  • 15-09-2009 10:48pm
    #1
    magicwok
    Registered Users, Registered Users 2 Posts: 68 ✭✭


    ok so i'm mad to get out of house and home but dont want to rent cause its "dead money" as they say in the states

    I'm just wondering would i be able to get a mortgage to buy a place of my own in dublin

    I work in the public sector(pernament), earn €38,000 per year with about 5k in the bank, only outgoing payment is small car loan with small repayments


Comments

  • #2
    who what when
    Registered Users, Registered Users 2 Posts: 831 ✭✭✭who what when


    Not a hope. Get savings of 10% of mortgage, clear loans, then you'l get one


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    who what when wrote: »
    Not a hope. Get savings of 10% of mortgage, clear loans, then you'l get one

    You sound pretty sure of that. Could you explain more?


  • #4
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    The pre-boom requirements for getting a mortgage were:

    Max 90% house cost
    2.5 times your salary max lending
    repayments % of your disposable income (income after loans etc)

    Even then there was absolutely no guarantee you would get a mortgage as a lot of other factors were taken into account.

    During the boom times a lot of the above was ignored but we are not in boom times now and with the bad debt book increasing daily I expect that the banks have gone back to the more stringent criteria.......................


  • #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Well the salary multiple is higher now, but they'll also work it on your disposable income after your mortgage payments. For first time buyers you could probably apply for about 92% finance, depending on the institution. You'll need to save up a bit more for the deposit, and it couldn't hurt to get rid of the loan before applying too.


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