Mortgage for First Time Buyer

Gerbud

Hi,

Sorry if this has been asked before but I couldn't find any threads.

I'm a first time buyer & have noticed a nice 3 bed for 225K. I think Ill put an offer in of 195K (mortgage permitting).

Q. is where is currently best to get a mortgage & what type of mortgage could I go for? I know this is a very open question but any advice is appreciated as Im clueless!!

What type of salary would I need to get say a 180K mortgage??

Thanks

shaddupayaface

I work in Public Sector for the past 5 years, on €35k per annum and AIB told me today that I was able to borrow max €150,000...WTF!!! I've no loans, excellent credit rating, never defaulted on a payment in my life....

Im not a first time buyer but im not in a chain plus I have €20,000 equity from the sale of my home.

Unless you're on a fairly decent salary and in a job for life(they do exist, or do they?) you wont get near €180,000...

Sorry for being negative but I still cant believe what I've been offered:mad:

testicle

shaddupayaface wrote: »

I work in Public Sector for the past 5 years, on €35k per annum and AIB told me today that I was able to borrow max €150,000...WTF!!! I've no loans, excellent credit rating, never defaulted on a payment in my life....

Sounds about right to me, maybe a little high. Seeing as you only mentioned 1 salary, I presume that's all you're bringing to the table. 150k is 4 times your gross salary! I doubt they'll even give you that to be honest.

D3PO

shaddupayaface wrote: »

I work in Public Sector for the past 5 years, on €35k per annum and AIB told me today that I was able to borrow max €150,000...WTF!!! I've no loans, excellent credit rating, never defaulted on a payment in my life....

Im not a first time buyer but im not in a chain plus I have €20,000 equity from the sale of my home.

Unless you're on a fairly decent salary and in a job for life(they do exist, or do they?) you wont get near €180,000...

Sorry for being negative but I still cant believe what I've been offered:mad:

why cant you beleive it ? correct me if im wrong but the only money you will have is from the house sale so you have no savings record. no savings record then what do you expect ?

shaddupayaface

D3PO wrote: »

why cant you beleive it ? correct me if im wrong but the only money you will have is from the house sale so you have no savings record. no savings record then what do you expect ?

Forgot to mention, I have some savings €6k to be precise, not a whole lot but its a steady savings record plus I've paid a mortgage for the past 5 years with never missing a payment. Must be worth some credibility?

D3PO

shaddupayaface wrote: »

Forgot to mention, I have some savings €6k to be precise, not a whole lot but its a steady savings record plus I've paid a mortgage for the past 5 years with never missing a payment. Must be worth some credibility?

you would think so but not in this day and age it appears

shaddupayaface

Gerbud wrote: »

Hi,

Sorry if this has been asked before but I couldn't find any threads.

I'm a first time buyer & have noticed a nice 3 bed for 225K. I think Ill put an offer in of 195K (mortgage permitting).

Q. is where is currently best to get a mortgage & what type of mortgage could I go for? I know this is a very open question but any advice is appreciated as Im clueless!!

What type of salary would I need to get say a 180K mortgage??

Thanks

Sorry for hijacking Gerbud.

My advice would be to go to the banks yourself with all your details and see what you get, no point in going to a broker, they only get your hopes up only to be let down. At least you'll know where you stand with the bank manager.

As first time buyer, you will only get 92% of the house price and will need to have saved the rest.

Hope that Helps

tenchi-fan

I reckon to get a €180k mortgage (+20k deposit) you would need to earn €40k+.

You would need to be in permanent, full-time employment with the same company for at least 1 year. When I applied for a mortgage they actually asked me my employment history for the past few years (which I thought was a bit excessive)!

They'll also want to see evidence of saving and that you are not just living week-to-week. If you are currently renting they will take that into account in considering your ability to repay a mortgage.

Fr0g

shaddupayaface wrote: »

I work in Public Sector for the past 5 years, on €35k per annum and AIB told me today that I was able to borrow max €150,000...WTF!!! I've no loans, excellent credit rating, never defaulted on a payment in my life....

Im not a first time buyer but im not in a chain plus I have €20,000 equity from the sale of my home.

Unless you're on a fairly decent salary and in a job for life(they do exist, or do they?) you wont get near €180,000...

Sorry for being negative but I still cant believe what I've been offered:mad:

This is an indication of where average house prices are going to go. €35k is an average salary. Prices will have to drop to meet this or they simply won't sell. Remember house prices went up because banks lent more in relation to salaries. They stretched lending criteria to breaking point. If banks lend less then prices will come down. What your house is "worth" has little to do with it.

Don't be in a rush to pay as much as you possibly can, recovery or no recovery property prices have to come back to reality. there's still a way to go yet.