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First time buyer mortgage

  • 29-07-2015 2:54pm
    #1
    Carhartt
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi

    I am looking to apply for a mortgage as a first time buyer. I plan on going to the various banks/mortgage providers to see who can offer the best rates etc.

    Before that I would appreciate any advice the boards community can offer!

    I have 60k in savings & my gross salary is 34k, only outgoings at the moment are on my black hole of a car.

    Currently looking at houses in the range of 200k - 260k not sure if this is feasible or not.

    Currently looking at getting the mortgage in my name only but my partner earns about 18k gross so could go for a joint mortgage if necessary.

    Total noob at this so not even sure what offers I should be looking at fixed/variable/tracker (do they even exist anymore).


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    If you apply for a mortgage in your own name you can only borrow 3.5 times your gross income = 119k and if you apply in joint names you would qualify for 182k. As first time buyers you can borrow up to 90% of the purchase price subject to the income limits.

    You can get a variable or fixed rate mortgage or a split package - part variable and part fixed. KBC offer the best rates if you open a current account with them.


  • #3
    Carhartt
    Registered Users, Registered Users 2 Posts: 3 ✭Carhartt


    Thanks for the advice.

    Looks like we'll be going down the joint mortgage route so, I was un-aware you could only borrow a max of 3.5 x your salary.


  • #4
    cashmoneygrngo
    Registered Users, Registered Users 2 Posts: 2 ✭cashmoneygrngo


    Hey Carhartt, myself and my partner are in a similar situation. My question is when applying for a mortgage is it possible to request in excess of the 3.5 x salary limit? Does the bank then come back with a counter offer or will they just refuse your application? I am aware there is some small leeway available to the banks.

    Cheers!


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