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Mortgage on €48k

  • 20-09-2014 2:48pm
    #1
    Crusades
    Banned (with Prison Access) Posts: 152 ✭✭


    Hi,

    So I'm 32 (yes, the widest part of the demographic bulge) and have a permanent job in public sector.

    Have €50k saved.

    I live and work in Dublin and plan on being here for the foreseeable future.

    I want to live in a house (i.e. not a flat) and I don't expect my wife to have to work. Ideally the mortgage term would be 20 years. Also paying VHI and this is not something I will give up. Zero loans.

    I can get a mortgage for €200k mortgage over 35 years, leaving me with €250k to spend on the open market.

    I'm thinking of switching to a higher paid job (i.e. €60k), but
    i) I have to wait for a settling in period at the new job
    ii) non public sector, so I won't be able to borrow as much

    I could buy a small house for €300k in this case, but a lot more job pressure and *far* less job security.

    This doesn't give me very much in terms of houses in outer suburbia in proximity to any way decent schools.

    Do I need to re-assess my expectations? Is a small house in a modest suburb too much to expect for a 30 something man with 10 years' experience?


Comments

  • #2
    SBarrett
    Registered Users, Registered Users 2 Posts: 160 ✭✭SBarrett


    Depends where in outer suburbia you want to live.

    If you move job, you will have to be in a permanent position with no probation before you can apply again.

    If your wife doesn't work, have you kids? if so, how many?

    There are loads of different criteria that have to be meet before you can get a mortgage. net disposable income and showing you can meet the repayments being two of them.

    Steven


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